Tim Gardiner, managing director of global precious metals with TD Securities, concurred with Grady.
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Bart Melek, vice president and head of commodity research with TD Securities, also likes PGMs in the long term.
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Bart Melek, vice president and head of commodities research with TD Securities, also looks for gold to trade sideways for a little.
However, HSBC and TD Securities analysts say this is creating the potential for a short-covering rally should a catalyst emerge to support prices.
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The concerns that industrial use of silver and the platinum group metals caused speculators to exit positions in those markets, TD Securities said.
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Steve Scacaloss, vice president and director of global precious metals with TD Securities, said PGMs rose smartly after a bullish Johnson Matthey report.
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The "January employment report was as we expected, pretty good but not fantastic, " said Eric Green, global head of research at TD Securities.
Despite positive fundamentals, gold speculators sought liquidity and other safe havens as concerns of contagion risk spread to France and Italy, said TD Securities.
FORBES: FOCUS: Falling Prices Push Speculators To Cut Bullish Metals Positions -CFTC
Further, TD Securities anticipates that China will implement policies to help stimulate its economy, and there will be improvement in the rest of the Western world.
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Annette Beacher, head of Asia-Pacific research at TD Securities, said the data wouldn't be enough to swing the RBA into action on Tuesday with an interest rate cut.
If the European Central Bank has to expand its balance sheet to shore up ailing European economies, gold is likely to hit new records into 2012, said TD Securities.
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"It is clear that Iceland will need substantial foreign aid in order to prevent further major damage to the economy, " said Beat Siegenthaler, chief strategist of emerging markets at TD Securities in London.
Bart Melek, vice president and director, head of commodity strategy, rates and foreign exchange research at TD Securities, said just chatter from Iran and Israel could push the risk premium on crude higher.
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Bart Melek, vice president and director head of commodity strategy, rates and foreign exchange research at TD Securities, said that change in strategy by the Fed to outright purchases is supportive to gold.
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In fact, TD Securities said, one potential catalyst for covering would be if remarks from Federal Reserve Chairman Ben Bernanke should be construed to mean policy-makers were staying the course of quantitative easing.
FORBES: FOCUS: CFTC: Large Specs Slash Gold Net-Long Position Again; Short-Covering Potential Seen
The offering was underwritten by a syndicate of underwriters co-led by TD Securities and National Bank Financial and included CIBC World Markets, RBC Dominion Securities, Canaccord Genuity, Raymond James and Macquarie Capital Markets Canada.
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Meanwhile, Bart Melek, head of commodity strategy for TD Securities, looks for gold to track other risk assets during the debate, meaning it would likely fall on a stand-off if markets like equities did likewise.
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Often, traders have tended to take positions ahead of Fed releases or appearances in which market participants have factored in a greater likelihood of more QE, pointed out Bart Melek, director of commodity strategy, rates and foreign-exchange research for TD Securities.
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All of this is supportive for gold prices, and it may prompt people to buy the yellow metal as an inflation hedge as worries that the current high oil prices will last into the summer, said Bart Melek, vice president and director, head of commodity strategy, rates and foreign exchange research and TD Securities.
FORBES: METALS OUTLOOK: Higher Gold Prices Seen For Next Week As Iran Tensions Lend Support
Edwards, Kellner Dileo, Oppenheimer, Morgan Stanley, TD Waterhouse, Nomura Securities, PFPC Worldwide, Schonfeld Securities and Van der Moolen Specialists.
TD's profits should also get a lift as it shifts from holding low-yielding securities to making (admittedly riskier) loans as the economy recovers.
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