The U.S. Commodities Futures Trading Commission released their weekly report Monday, showing that for the week ending November 20, precious metals speculators increased their bullish positions despite last week’s choppy trading. Net long positions increased in gold, silver and palladium, while platinum saw long positions shrink from the highs reached over news of a pending platinum shortage next year. That said, platinum long positions are still over historic averages.
In other news, the Organization for Economic Cooperation and Development warns that unless the U.S. and EU make substantial progress on their respective debt crises, they could pull down the rising economies of the BRIC nations and renew a global recession. The OECD called the Eurozone the largest problem in the global economy, but also downgraded their forecast for the U.S. economy.
Finally, the U.S. Treasury Department draws attention to the fact that there is not only a fiscal cliff to solve in the next few weeks. The Treasury warns that they are less able to prevent a default by the United States if the debt ceiling is hit, than they were in 2011. The question now is, whether the politicians in Washington will try to tackle both the Fiscal Cliff and debt ceiling at the same table, or deal with them one at a time. The time that can be wasted by political grandstanding is shrinking.