The first trading day of the new quarter got off to a good start as gold led the charge higher by breaking above $1,330.00 during the Asian trading day. Unfortunately, gold and silver disappointed the “longs” during U.S. trading yesterday, as the overnight rally did not continue with silver briefly trading back below $21.00.
This morning finds gold and silver probing higher and perhaps gaining support from platinum and palladium, which continue to surge as platinum has broken above $1,500.00 and, at its current price of $1,518.00, is trading at a $190.00 premium to gold. Trading volume will likely be muted today as many U.S. market participants get an early start on the summer holiday season and the long July 4th weekend. For those that spend the day with us, Fed Chair Yellen is addressing the IMF today and her comments could spark volatility in all markets.
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