Quiet opening today. Overnight, in the Far East and Europe most precious metal traders report that physical demand in gold is soft, but a little more interest is seen on the silver side from the retail investor.
ETF gold and silver holdings increased overnight with hopes that the increases would be enough to support the gold and silver price.
The Wall Street gold spec traders I spoke to on Friday were still looking for gold to test the $1,200 dollar level in the short term and possibly test the key double bottom support level at $1,175 before buying back their short spec positions.
Some traders believe the pressure will be on from some FED governors to convince Ms. Yellen to raise rates at the next FED meeting, giving traders the fuel they are looking for.
After speaking to a few financial advisors about client interest in either ETFs or physical precious metals, all I get is the same response, quiet on the equity side and not much better in metals.
Most financial advisors are working on managing account fee based business instead of charging a commission on individual trades. With most people trading for $7 dollars a trade it’s not as lucrative as it was in the past.
Factory data orders to be released today. Wednesday, FED minutes will be released and will be scrutinized looking for any clue to what will be the FED’s next move will be.
So I hope I kept your interest enough to…
Author Name: Walter Pehowich
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