Precious metals, led by gold, had a very active Veteran’s Day trading session yesterday, as rumored buying from China brought about an afternoon rally that saw gold top out at $1,172.00. Physical demand continues to remain brisk this week as physical buyers continue to trade actively. Trading in Asia last night saw a tug of war between aggressive physical buyers and “paper sellers” who are reacting to the continued strength of the USD against the JPY.
While news out of Ukraine is no longer a front page headline and impacting our market, that may soon be changing as their Defense Minister is warning of a likelihood of escalating hostilities. A big sell-off in Ukrainian debt instruments may be a hint of this again being a front page headline as their interest rates are soaring higher. In the short term, gold remains in the driver’s seat where support can be expected from the mid-$1,150.00s through the mid-$1,140.00s, while resistance can be expected from the mid-$1,170.00s through the low $1,180.00s. The U.S. Mint will resume selling 2014 Silver Eagles on Monday, but coins will be offered to the Authorized Purchasers per the Mints allocation process. As of this writing Dillon Gage has “live” coins, so please call our trading desk ASAP to lock them in.
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