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Precious metals had a rather quiet Monday and Tuesday as the tug of war continues between U.S. equity weakness, lower bond yields, very weak German economic data, a strong USD and the collapse of energy prices led by the fall in crude oil.
Precious metals had a rather quiet Monday and Tuesday as the tug of war continues between U.S. equity weakness, lower bond yields, very weak German economic data, a strong USD and the collapse of energy prices led by the fall in crude oil. Gold’s sensitivity to a move in the USD was front and center overnight as all four precious metals moved sharply lower during Asian trading hours as the USD was probing higher, gold and silver traded down to $1,222.00 and $17.02.
In early U.S. trading, gold and silver have recovered and reversed as they are now positive on the day while platinum and palladium are still down on the day, but well off the Asian lows. Shockingly weak economic date from Germany, weak economic data here in the U.S., another huge sell-off in U.S equities, an enormous rally in bonds which sees the 10-year yield below 2.00 percent, another big sell-off in crude oil and another confirmed Ebola case in the U.S. are all making this a very volatile day. Perhaps this is the day where gold and silver find concerned investors in other markets looking for insurance and we finally see a big rally in our market.
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