MF Global Daily Report - 2011/10/7 Precious Metals

Oct. 8 (MF Global) -- Price Outlook

Precious metals markets will be dependent on the payroll number for direction today, but we still lean slightly positive on both silver and gold. The bullish focus for the market today will rest on payrolls, recapitalization of European banks, and on generally slow economic growth. The bearish side will focus on the decreased likelihood of QE3 after the last FOMC meeting and on a lack of investor interest. We favor trading metals as a positive affair today.