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Market Report: Greek Interviews Put Gold Under Pressure

Market Report: Greek Interviews Put Gold Under Pressure
Category: Market Reports
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Posted: 02-04-2015 11:25:00 AM

The Greek Finance Minister says his country is committed to repaying all of their debt. How is this impacting gold?

Gold was under pressure yesterday as the Greek Finance Minister said in several interviews that his country was committed to repaying all of their debt to the ECB and IMF. The rest of the complex was steady to higher, as better than expected U.S. auto sales for January were attributed to the recent decline in interest rates. The strong performance in U.S. equities yesterday showed just how fast investors and traders are moving from one market to another, as bonds and gold declined sharply while crude has broken above $50.00. Gold and silver have given back much of their 2015 gains over the last week and are now trading in the middle of their recent ranges.

Technically speaking, the market could go either way here, but it is beginning to feel like another big move is on the horizon. Gold and silver are currently trading below their 10-day averages at $1,279.75 and $17.69, but both are trading well above their 50- and 100-day averages. In gold, the averages are currently $1,225.25 and $1,215.25. In silver, they are $16.68 and $16.75. While the events in the Middle East are beyond horrific with ISIS and now Jordan executing prisoners, I would expect this situation to come to a head very soon which will likely propel gold and company back to their recent highs, as tension in the Middle East has never failed to bring a sharp rally to our market.

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About The Author

Roy Friedman

This editorial has been prepared by Roy Friedman of Dillon Gage Metals. This document is for information and thought-provoking purposes only and does not purport to predict or forecast actual results. It is not, and should not be regarded as investment advice or as a recommendation regarding any particular security, commodity or course of action. Opinions expressed herein are current opinions as of the date appearing in this editorial only and are subject to change without notice. Reasonable people may disagree about the opinions expressed herein. In the event any of the assumptions used herein do not prove to be true, results are likely to vary substantially. All investments entail risks. There is no guarantee that investment strategies will achieve the desired results under all market conditions and each investor should evaluate its ability to invest for a long term especially during periods of a market downturn. No part of this editorial may be reproduced in any manner, in whole or in part, without the prior written permission of Dillon Gage Metals. This information is provided with the understanding that with respect to the opinions provided herein, that you will make your own independent decision with respect to any course of action in connection herewith and as to whether such course of action is appropriate or proper based on your own judgment, and that you are capable of understanding and assessing the merits of a course of action. You may not rely on the statements contained herein. Dillon Gage Metals shall not have any liability for any damages of any kind whatsoever relating to this editorial. You should consult your advisors with respect to these areas. By posting this editorial, you acknowledge, understand and accept the foregoing.

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