Home InfoVault Market Reports Portuguese Bank News Lifts Gold & Silver - Market Report For 07/11/2014

Portuguese Bank News Lifts Gold & Silver - Market Report for 07/11/2014

Portuguese Bank News Lifts Gold & Silver - Market Report for 07/11/2014
Category: Market Reports
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Posted: 07-11-2014 08:43:00 AM

Gold and silver spiked higher in Europe yesterday, breaking above resistance levels on news that a large bank in Portugal had missed payments on short term debt raising fears of another credit crisis in Europe.

Gold and silver spiked higher in Europe yesterday, breaking above resistance levels on news that a large bank in Portugal had missed payments on short term debt raising fears of another credit crisis in Europe. Along with this, tension continues to escalate in the middle-east as fighting between the Israelis and Palestinians has intensified.

Volume was very good yesterday, as physical demand surged globally and several large buy orders were reported being executed on the Futures exchange. Nearby support in gold at $1,330.00 and in silver at $21.30 could be critical today as a dip below those levels could see many longs looking for the exit sign as they lock in profits ahead of the weekend. A steady to “up” day today is likely to continue the rally next week as the stage would be set for gold and silver taking a run at $1,375.00 and $22.00. For those following the fate of the London Silver Fix, Bloomberg and the Financial Times are reporting a joint proposal by the CME and Thomson Reuters has been chosen as the replacement for the Fix.

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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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