So, this morning, the Shanghai index closed down the growth of the 6 th day in a row (1.71%), the price of WTI crude oil showed an increase of 2.07%, stood at 69.42. The price of gold broke through the $ 1000 mark per troy ounce. Euro-dollar has updated highs, the rally now showing up and having reached a point 1.4490, the pair finally struggled up from the range, which has spent nearly 4 months old. The reason for this long-awaited motion is obvious to us, just the big players have started to sell the dollar, which corresponds to U.S. interests at the moment. The correct answer to the question of why the dollar is falling? can be only one: because they sell. Why did you chose this moment to start a movement, we can only guess. Note that the movement has begun despite the fact that this week, are placing Treasury notes, in particular, today placed 3-year notes to $ 38 billion analytical tape write now that the euro, commodity currencies and commodities due to increased optimism but this explanation does not hold water. Moreover, there were news that could not contribute to the growth of positive attitudes. Yesterday was published an annual report on the state of the world economy on the basis of the UN Conference on Trade and Development (UNCTAD). According to him, in 2010 the world economy may show growth to 1,6%, but even that modest growth will require additional support measures in the field of monetary and fiscal policies. The report says that in the next few years, economic growth will be weak, and this will occur against a background of unemployment and difficulties in the functioning of the banking system, associated primarily with problem assets, and inadequate capitalization. Forecast UNCTAD pessimistic prognosis, released last week, according to which, in 2010 global economic growth will be 3% against the previously expected 2.5%. The likelihood of a strong recovery in the major developed countries, which could in coming years to return the world economy in the pre-crisis state, low enough - said Supachai Panitchpakdi, Secretary-General of UNCTAD and former head of the World Trade Organization. But the greatest attention to the outcome of this UN conference has attracted an article in Telegraph, which discusses another aspect of this report. Namely, it has a call for a global currency. It should be noted that, although such initiatives came from China, Russia and some dignitaries from different countries, this is the first official document of the international organization, which supports the idea of a new monetary system.

Against the background of the market movements imperceptible risks remains to be done yesterday, former Fed chief Alan Greenspan, the statement that the U.S. economy could face a double-digit inflation within a few years if the central bank would tighten its monetary policy. Speaking via video link from the conference in Mumbai, Greenspan said that if we do not mitigate the leveling off, it would get in trouble. And I'm not talking about inflation of 3% -5%. I'm talking about double digit inflation in the United States. According to him, inflation in the U.S. may begin to rise at some point in 2012 if no measures are taken to reduce the huge money supply. However, Greenspan said that inflation in the global economy, with the exception of growth in food prices and energy prices will continue to decline for the remainder of this year and next year.

With regard to the local situation, it is obvious that the current movement of the euro is bezobemnym pulling up quotes, which we previously wrote, and we anticipate that it will continue in the same way up to the mark of 1.47 or slightly higher before start profit-taking.

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Review of the precious metals market for 07.09.09
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