1
Bid Ask High Low Gold 1,290.75 1,291.25 1,295.25 1,290.50 Silver 20.3800 20.4100 20.4600 20.2500 Platinum 1,464.00 1,466.00 1,470.50 1,460.75 Palladium 863.00 864.00 870.00 862.25 Rhodium 1,285.00 Bid Ask High Low Aluminium 1,998 2,002 2,004 1,972 Copper 7,090 7,100 7,099 7,040 Nickel 18,462 18,562 18,513 18,335 Lead 2,244 2,254 2,257 2,213 Zinc 2,350 2,360 2,360 2,328 Tin 22,358 22,458 22,499 22,300 Metal Fix Date Fix Mth Avg Qtr Avg Yr Avg Gold 1-Aug-14 1,291.25 1,291.25 1,310.15 1,293.90 Silver 4-Aug-14 20.3500 20.3450 20.8782 20.1926 Platinum 1-Aug-14 1,462.00 1,462.00 1,491.50 1,446.25 Palladium 1-Aug-14 871.00 871.00 871.75 794.75 http://bit.ly/keZPJN Metal 10d MA 50d MA 100d MA 1d Volume 10d Avg 1d/10 Avg Gold 1,298.05 1,294.40 1,297.55 144,988 75,328 192% Silver 20.59 20.32 20.01 46,452 36,849 126% Platinum 1,475.25 1,473.00 1,456.00 11,907 8,586 139% Palladium 873.75 852.75 825.75 5,616 3,977 141% Gold Silver Platinum Palladium 1 Month 12.50 17.75 12.25 16.75 2 Month 12.75 19.00 12.75 17.00 Place Appropriate daily chart here 3 Month 13.25 19.50 13.25 17.25 6 Month 14.00 20.25 14.25 17.75 12 Month 14.75 21.25 15.25 18.25 2 Year 15.50 21.75 3 Year 15.75 22.25 Metal Level 4 Year 16.00 Gold 0.90 5 Year 16.00 Silver 0.0225 Platinum 3.00 Palladium 0.50 London: +44-20-7628-5665 | RD: TDCL Singapore: +65-6500-8022 | RD: TDCS [email protected] [email protected] [email protected] New York: +1-212-827-7866 | RD: TDNY 4 August 2014 Chart of the Day Americas EFP Indications [email protected] Please call should you desire further information on volatility skews Comex Volume Stats (T-1) Metal Metals Commentary TD Commodities Website: ATM Option Volatilities - US$ Precious Metals Moving Average Precious Metal Spot Rates - US$/Oz Metal Base Metal 3-Month Rates - US$/mt Period Precious Metal PM Fix - US$/Oz Friday was a welcome retrace for the yellow metal which caught a bid off the US employment data repeatedly confirmed as lacking throughout the progression of the week. First ADP, then jobless claims, then NFPs all provided an in-line picture of a threatened labor market which in turn supported Yellen's latest cautionary commentary about an unengaged labor force which 'may' lead to a delay in hiking up interest rates. Regardless gold closed the week down ~ $17.00 completing a third week of losses. All three of the white metals followed suit with Palladium down some $15.00 perhaps driven by equity market losses as the Dow Jones Industrial Average closed down 464 points - almost 2.75% on the week. Since then auto sales have come in fairly in line with the US posting slightly lower than expected 16.4M MoM and Germany this AM registering a 6.8% increase MoM. The gold market traded in a $3.00 range in Asia overnight on very low volume with the SGE premium trading at $2.00 loco London. Buying on dips was evident and risk as a whole is better bid with news in Europe this morning of a bailout of beleaguered Portuguese bank - Banco Espirito Santo SA. Physical markets remain slow and July US Eagle gold coin sales recorded the second slowest month of the year at just 30,000 ozs. According to figures from the US Mint 2014 bullion coin sales are 56% below the 2013 number for the same period. Total year-to-date is 296,000 ounces and likely a long way below the 2009 peak of 1.4 million ounces. Base metals are higher this AM despite China non-maufacturing PMI data coming in over the week-end a little lower than consensus. Freeport mcMoran has announced its Indonesian arm will restart exporting Copper concentrates later this week with an initial shipment of 10kt to China. Spec positioning WoW has seen a growing long in OI in zinc (55%) and shorts in copper/nickel. Tonight sees the HSBC PMI numbers for July. This report has been prepared solely for information purposes and is not intended to provide financial, legal, accounting or tax advice and should not be relied upon in that regard. Information provided in this Report is believed to be accurate and reliable, but we cannot guarantee it is accurate or complete or current at all times and no representation is made in this regard. Conclusions and opinions do not guarantee any future event or performance. It is not an offer, recommendation or solicitation to buy or sell, nor is it an official confirmation of terms. It is based on public information. Changes to assumptions may have a material impact on any returns detailed. Historic information or performance is not indicative of future returns. The information is subject to change without notice. Any views expressed are those of the author and do not necessarily express those of The Toronto Dominion Bank (“TD Bank”). TD Bank or an associated company may have effected or may effect transactions for its own account in the securities described herein. Any transaction entered into is in reliance only upon your judgement as to both financial and suitability criteria. No proposed customer or counterparty relationship is intended or implied between TD Bank or any of its regulated subsidiaries and a recipient of this document where that recipient is not an existing customer or counterparty of TD Bank or one of its regulated subsidiaries. This report has been prepared, issued or approved for issuance in Europe by TD Securities Limited. COPYRIGHT 2014 by TD Securities Inc. “TD Securities” is a trademark of the TD Bank, representing TD Securities Inc., TD Securities Limited, TD Securities (USA) LLC and certain investment activities of the TD Bank. The Toronto-Dominion Bank is authorised by the Prudential Regulation Authority and subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. TD Securities Limited is authorised and regulated by the Financial Conduct Authority. -25% 0% 25% CFTC Weekly Data Net Change % Long Change % Short Change % Note: chart data is derived from mid-market indications Metals Daily

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Bid Ask High Low

Gold 1,290.75 1,291.25 1,295.25 1,290.50

Silver 20.3800 20.4100 20.4600 20.2500

Platinum 1,464.00 1,466.00 1,470.50 1,460.75

Palladium 863.00 864.00 870.00 862.25

Rhodium 1,285.00

Bid Ask High Low

Aluminium 1,998 2,002 2,004 1,972

Copper 7,090 7,100 7,099 7,040

Nickel 18,462 18,562 18,513 18,335

Lead 2,244 2,254 2,257 2,213

Zinc 2,350 2,360 2,360 2,328

Tin 22,358 22,458 22,499 22,300

Metal Fix Date Fix Mth Avg Qtr Avg Yr Avg

Gold 1-Aug-14 1,291.25 1,291.25 1,310.15 1,293.90

Silver 4-Aug-14 20.3500 20.3450 20.8782 20.1926

Platinum 1-Aug-14 1,462.00 1,462.00 1,491.50 1,446.25

Palladium 1-Aug-14 871.00 871.00 871.75 794.75

NSN M9UIIL6JTSEI

http://bit.ly/keZPJN

Metal 10d MA 50d MA 100d MA 1d Volume 10d Avg 1d/10 Avg

Place appropriate weekly chart here Gold 1,298.05 1,294.40 1,297.55 144,988 75,328 192%

Silver 20.59 20.32 20.01 46,452 36,849 126%

Platinum 1,475.25 1,473.00 1,456.00 11,907 8,586 139%

Palladium 873.75 852.75 825.75 5,616 3,977 141%

Gold Silver Platinum Palladium

1 Month 12.50 17.75 12.25 16.75

2 Month 12.75 19.00 12.75 17.00 Place Appropriate daily chart here

3 Month 13.25 19.50 13.25 17.25

6 Month 14.00 20.25 14.25 17.75

12 Month 14.75 21.25 15.25 18.25

2 Year 15.50 21.75

3 Year 15.75 22.25 Metal Level

4 Year 16.00 Gold 0.90

5 Year 16.00 Silver 0.0225

Platinum 3.00

Palladium 0.50

London: +44-20-7628-5665 | RD: TDCL Singapore: +65-6500-8022 | RD: TDCS

[email protected]

. . . . . . . . . . . . . . . . .

[email protected]@tdsecurities.com

New York: +1-212-827-7866 | RD: TDNY

4 August 2014

Chart of the Day

Americas

EFP Indications

[email protected]

Please call should you desire further information on volatility skews

Comex Volume Stats (T-1)

Metal

Metals Commentary

TD Commodities Website:

ATM Option Volatilities - US$

Precious Metals Moving Average

Precious Metal Spot Rates - US$/Oz

Metal

Base Metal 3-Month Rates - US$/mt

Period

Precious Metal PM Fix - US$/Oz

Friday was a welcome retrace for the yellow metal which caught a bid off the US employment data repeatedly confirmed as lacking throughout the progression of the week. First ADP, then jobless claims, then NFPs all provided an in-line picture of a threatened labor market which in turn supported Yellen's latest cautionary commentary about an unengaged labor force which 'may' lead to a delay in hiking up interest rates. Regardless gold closed the week down ~ $17.00 completing a third week of losses. All three of the white metals followed suit with Palladium down some $15.00 perhaps driven by equity market losses as the Dow Jones Industrial Average closed down 464 points - almost 2.75% on the week. Since then auto sales have come in fairly in line with the US posting slightly lower than expected 16.4M MoM and Germany this AM registering a 6.8% increase MoM. The gold market traded in a $3.00 range in Asia overnight on very low volume with the SGE premium trading at $2.00 loco London. Buying on dips was evident and risk as a whole is better bid with news in Europe this morning of a bailout of beleaguered Portuguese bank - Banco Espirito Santo SA. Physical markets remain slow and July US Eagle gold coin sales recorded the second slowest month of the year at just 30,000 ozs. According to figures from the US Mint 2014 bullion coin sales are 56% below the 2013 number for the same period. Total year-to-date is 296,000 ounces and likely a long way below the 2009 peak of 1.4 million ounces.

Base metals are higher this AM despite China non-maufacturing PMI data coming in over the week-end a little lower than consensus. Freeport mcMoran has announced its Indonesian arm will restart exporting Copper concentrates later this week with an initial shipment of 10kt to China. Spec positioning WoW has seen a growing long in OI in zinc (55%) and shorts in copper/nickel. Tonight sees the HSBC PMI numbers for July.

This report has been prepared solely for information purposes and is not intended to provide financial, legal, accounting or tax advice and should not be relied upon in that regard. Information provided in this Report is believed to be accurate and reliable, but we cannot guarantee it is accurate or complete or current at all times and no representation is made in this regard. Conclusions and opinions do not guarantee any future event

or performance. It is not an offer, recommendation or solicitation to buy or sell, nor is it an official confirmation of terms. It is based on public information. Changes to assumptions may have a material impact on any returns detailed. Historic information or performance is not indicative of future returns. The information is subject to change without notice. Any views expressed are those of the author and do not necessarily express

those of The Toronto Dominion Bank (“TD Bank”). TD Bank or an associated company may have effected or may effect transactions for its own account in the securities described herein. Any transaction entered into is in reliance only upon your judgement as to both financial and suitability criteria. No proposed customer or counterparty relationship is intended or implied between TD Bank or any of its regulated subsidiaries and a

recipient of this document where that recipient is not an existing customer or counterparty of TD Bank or one of its regulated subsidiaries. This report has been prepared, issued or approved for issuance in Europe by TD Securities Limited. COPYRIGHT 2014 by TD Securities Inc. “TD Securities” is a trademark of the TD Bank, representing TD Securities Inc., TD Securities Limited, TD Securities (USA) LLC and certain investment

activities of the TD Bank. The Toronto-Dominion Bank is authorised by the Prudential Regulation Authority and subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential

Regulation Authority. TD Securities Limited is authorised and regulated by the Financial Conduct Authority.

-25%

0%

25%CFTC Weekly Data

Net Change % Long Change % Short Change %

Note: chart data is derived from mid-market indications

Metals Daily