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Precious Metals In Review: Week of 10/27/2017

Precious Metals In Review: Week of 10/27/2017
Category: Market Reports
Author Name: Dillon Gage
Posted: 10-27-2017 09:38:00 AM

Curious what has happened to metals this week? Find out more from the experts at Dillon Gage!

Precious Metals Overview for Week Ending 10/27/2017

Gold got a bit of a bump up this morning to lift an otherwise lackluster week.

Metal prices began the week under pressure after Japan saw a  strong selling of all four metals on Sunday night.  The actions were prompted by a rally of the Nikkei.  Japan’s stock market jumped 239 points after Prime Minister Shinzo Abe’s snap election victory.

At mid-week, we found the U.S. Ten-Year Treasury Yield hitting a seven-month high of 2.46 percent. Nonetheless, no one has pulled the rug out from under the Gold price. Still behind the curtain is North Korea and that situation has little chance of going away anytime soon.

Wall Street corporate earnings reported so far this week continue to excite the equity investors with more strong results expected in the next couple of days.

However, I do find it very interesting that with the historic rallies in the Dow, S&P and Nasdaq, the price of Gold hasn’t headed for the exits. Matter of fact, the CME reported that in September, the volume in Gold year over year is up 88 percent, with an average future trading volume at 360,000 contracts per day. One must say that is extremely impressive. Silver volumes are also up year over year in September at 40 percent, not bad at all.

Earlier this morning, gold was feeling the pressure of the strengthening U.S. Dollar, as it continued to climb to its highest level in over three months. Plus, the U.S. economy grew faster than expected in the third quarter, increasing to three percent, beating expectations and taking a little shine off the yellow metal.

And if the proposed tax cut comes through, some predict 4 percent growth is not out of the question. It seems all markets are expecting tax cut to happen. If it fails, I expect the price of Gold to rally significantly off the news.

At mid-morning Central time, Gold bumped up $4 an ounce as the news that Catalonia had voted for independence from Spain inspired safe-haven investors.

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About The Author

Author Name: Dillon Gage
This editorial has been prepared by 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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