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Precious metals have begun the week on a quiet note with gold and silver probing lower while platinum and palladium do the opposite, trading above Friday’s settlements.
Precious metals traded on heavy volume last week, as prices continued moving lower in reaction to hawkish comments from FOMC members and stimulus programs abroad which continue to strengthen the USD.
While precious metals are taking it on the chin this morning with gold, silver and platinum all trading below their 10, 50 and 100 day moving averages, the lower price points appear to be welcomed by our corner of the market as physical demand is very brisk this morning.
Yesterday’s events and the reactions of all markets have been well documented and highlight why investors flock to gold and precious metals during heightened geopolitical events.
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 dovish tone of the FOMC minutes brought about the expected reactions in all markets this week, driven by the growing concerns of voting members over the strength of the USD and its negative implications for economic growth.
The third quarter Gross Domestic Product number released on Friday shows that the U.S. economy grew at its fasted pace in two years. Economists were looking for at 2.5 percent gain and the report showed a hefty 2.9 percent gain.
Sounds wonderful, right?
Silver continues to be the choice of the majority of people buying precious metal products.
Precious metals are limping to the finish line this week as technical factors outweigh geopolitical issues, which, while they have not gone away, have not escalated this week.