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Despite the ongoing rally of the USD, gold and silver performed quite well yesterday ending the day with a rally after trading below $1,250.00 and $19.00. However, the rebound has been short lived as the highs seen in Asia on good physical demand at $1,258.00 and $19.12 were not sustained. In early U.S. trading today, gold and silver are back to fighting over price direction at $1,250.00 and $19.00. Keep a close eye on platinum and palladium for the balance of the week as they have dropped sharply, but are now approaching levels where strong physical demand has been seen.
There is growing talk of interest rates in the U.S. rising at a faster pace in 2015, while this would surprise me, bond yields are moving higher which supports the USD rally and pressures commodities. Besides the pressure this has caused on precious metals prices, the crude oil market has reacted just as negatively with prices falling from $106.00 to a near low for 2014 at $92.00 per barrel for W.T.I. The U.S. equity market is showing signs of vulnerability and if investors begin to lock in profits a 5 percent or greater correction in the S & P 500 could go a long way in revising the current trend in our market.
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