28.11.2014 - OPEC left quotas at 30 million barrels per day

The price of gold fell to important support level of 1180 dollars per troy ounce. Activity of traders is low due to the Thanksgiving Day in the United States. It is worth noting that investors are in no hurry to build up positions ahead of the referendum in Switzerland at which will be decided of the prohibition of sales of gold reserves of the country and the need to increase the part of gold in the country's total reserves to 20%, compared with the current value of 8%. In case of a positive voting, the Swiss central bank will be forced to buy about 1500 tons of gold in the coming years, which will increase the quotations of the metal. In addition, the demand for gold may rise in the case of a substantial correction on the stock markets. We maintain a positive medium-term outlook for gold.

The price of oil fell yesterday after OPEC decision to leave quotas for oil production at the same level - 30 million barrels per day in the first half of 2015. As a result, the volume of production will be reduced by approximately 300 thousand barrels. At the same time, to stop the decline in oil prices, quotas should be reduced by 1-1.5 million barrels. Otherwise, the imbalances caused by the growth of production in the US and slower growth of the global economy will remain. We maintain our medium-term negative outlook on oil and recommend holding short positions with a target level for Light Sweet crude oil near $ 60 per barrel.

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