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Far East selling overnight brings silver to a new 6 year low. Additional headlines include:
With just two days ahead of the World Series and Super Bowl of all anticipated rate hikes, market participants are very nervous taking on any substantial positions here. Nonetheless, Wall Street gold traders, attracted by the potential volatility that the rate hike and the FED language could create, are putting their last minute strategies together.
Most traders believe that this current trading range in gold will be a distant memory after the FED decision Wednesday. I anticipate that computer algorithms will be very active as the news is released. This I believe will create unsettling volatility in the price of gold and silver.
Gold lower but still range bound as we witness little change in the dollar index this morning.
Silver seems oversold at these levels as Far East traders continue to pressure the metal at any sign of weakness.
This morning, precious metal dealers are reporting sluggish silver coin sales last week, hoping the new lows will bring back the interest and raise premiums. Today is the last day of the U.S. Silver Eagle release allocation. We don’t expect to see any more Silver Eagles till mid-Jan.
Put your trading seat belts on, we all anticipate a wild week ahead.
Author Name: Walter Pehowich
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