Precious Metals Review for Week Ending 12/15/17

Category: Market Reports
Author Name: Dillon Gage
Posted: 12-15-2017 03:05:00 PM

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

Review for Week Ending 12/15/17

The week started off rebounding from last week’s sluggish numbers, with a weaker U.S. Dollar and lower Treasury Yields across the globe supporting the yellow metal.

Mid-week found the price of gold buoyed by a short-covering rally that was once again aided by a weaker U.S. Dollar and lower Treasury yields. I was told by some Wall Street traders on Wednesday that they have, for the most part, covered their short positions from the previous support levels of $1,261 in spot. I suspect this is one of the reasons we experienced a rally off the lows just a few days before.

THEN....The Fed Reserve comments came. Gold rallied eight dollars on the Fed’s announcement of a 25 basis rate hike AND on the news that the Fed were not inclined to increase their predicted three rate hikes for 2018.

Thursday saw the U.S. dollar and world stock markets tanking as doubts about U.S. tax reform rose, which gave gold a little extra umph. Additionally, gold prices got a boost on Thursday from the demand for retail products as the holiday season gears up for a final week of gift-buying frenzy.

This morning, with the dollar rebounding, crude oil dipping and U.S. Stock indexes expected to rise to record highs, gold drifted down.

Palladium continues to be a hero this year as it once again flirted with record highs yesterday. Just last week, platinum’s discount to fellow precious metal palladium reached its highest level since 2001. This morning, the metal is ebbing back on apparent profit-taking.

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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.