Good morning, Resource Investors.

Another week results in more contract highs for front-month gold futures. While the weak dollar is a familiar culprit, the central bank of Mauritius piled on with a 2-metric-ton purchase from the International Monetary Fund. While mostly psychological – particularly on the heels of India's 200-ton purchase earlier this month – it still offers another sliver of fundamental support to what many contend is a speculative run. Nevertheless, some analysts are starting to question just how long the bull can last – music to contrarians' ears?

Copper is trading at nearly 14-month highs, also driven to loftier levels by the falling greenback. Many are calling for pause, however, as optimism for a quick economic recovery is starting to wane. With most countries now expecting a protracted return to pre-crisis levels of production, copper and other base metals should level off.

The crude oil market has entered a sideways phase. With the Department of Energy reporting builds in inventory across the board last week and refineries running at relatively low capacity, crude oil has little fundamental reason to reclaim recent highs. However, if the stock market continues its gains, a move could be sparked by improving expectations for U.S. demand.

It's all in these headlines, where you can catch up with what happened in the resource markets this past week -- and prepare for the next.

James Holter
Resource Investor