Afternoon comment courtesy of Spreadex

Global markets remained range bound today as investors decided that now was a good time to cash in on recent highs and get into the swing of their summer holidays.  Volumes are proving thin and even the most opportunistic of investors are finding it hard to find bargains within the markets.  Investors are also being reminded of the dire state of the Eurozone today following the political turmoil in Portugal.  Although officials have insisted that the nation will remain politically intact and focus on dealing with their debt levels, the markets seem to be second-guessing such rhetoric. 

Gold is also enjoying another day in the spotlight, although for positive reasons this time, where the precious metal rallied through the key $1,300 level and even traded at its highest level since June 20^th on the back of a weak dollar.  However, with uncertainties over when QE from the US will come to an end as well as reports that investors have been liquidating their gold-backed ETFs, it will be interesting to see whether the rally will prove sustainable in the long-term.