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Sorry for repeating myself but it seems to be the same old story. Continued Gold ETF redemptions, a stronger dollar and higher bond yields are keeping gold from any upside potential.
The good news is that the price of gold and silver still remains in its most recent trading range and is not collapsing even with the continued pressure put upon it.
The Euro on the other hand is experiencing extreme pressure, down 3 big handles over the last 2 days after the (ECB) announced yesterday that they were extending the quantitative easing program another 9 months.
Most Wall Street Gold traders I spoke with this morning are waiting to hear what the Fed says next week and are content with letting their algorithm programs do the work for them.
Silver just barely holding on to the $17.00 level as some silver refiners lower premiums with the hope of moving some product before year end.
Gold kilo bar premiums on the rise after one refiner told me they are at capacity producing thru year end trying to meet all the gold kilo bar orders. I will be investigating today to see where they are all headed.
Author Name: Walter Pehowich
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