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Precious metals continue to hold the recent move higher as gold finds good buying in the low $1,190.00s and silver has held above $16.00 ecious metals came off the ropes with a big flurry on Friday just when it looked like a knockout was on the back of physical demand.
Precious metals continue to hold the recent move higher as gold finds good buying in the low $1,190.00s and silver has held above $16.00 ecious metals came off the ropes with a big flurry on Friday just when it looked like a knockout was on the back of physical demand. Gold has broken above $1,200.00 a few times now, mostly in overnight trading, as demand out of China is reported to be very heavy, but the landscape changes a bit during U.S. trading as the USD continues to probe higher on the back of good economic data. Russian buying of gold continues to draw a lot of attention and of course is very supportive. This week, Bloomberg reported that the Chairwoman of the Russian Central Bank confirmed they have purchased 150 metric tons so far this year.
Further support for gold is likely coming from the upcoming Swiss gold referendum which takes place on November 30 as pollsters are now saying the vote is getting closer and no longer assured of going down in defeat. Later today brings us the FOMC minutes from the October meeting. All markets will be looking for a clue towards the timetable of rate increases. If the minutes are dovish and continue to say rates will remain low for the foreseeable future, then we could see a sharp rally. A hawkish tone with a hint of certainty for rate hikes in the first half of 2015 will likely cause the USD to rally and pressure precious metals.
This will be my last commentary until early December as I recover from back surgery.
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