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Precious metals, led by gold and silver, continue to put up a good fight after the recent “snap back” rally. Despite a stronger USD, higher yield on the 10-year bond and a crude oil market that continues to weigh on precious metals, gold and silver continue to claw their way back to and above $1,200.00 and $16.50. Perhaps the best sign for the long term health of our market has been the incredible volume the physical, futures and ETF markets have been experiencing. Clearly there is broad based interest and participation in the bullion market.
The recent volatility in silver may have given long term investors the opportunity they were looking for to reenter the market as witnessed by the gold silver ratio which is back to trading at 73 this morning after trading above 80 earlier in the week. Gold was pressured yesterday by a comment from Federal Reserve Vice Chairman Fischer who spoke at a Wall Street Journal Conference. He said the FOMC is getting closer to removing the phrase “considerable time” to their statements when addressing how long interest rates will remain at these historically low levels. The comment saw the USD Index move to a four year high which pressured gold back into the low $1,190.00’s before buyers again materialized. The final FOMC meeting of the year is on December 16 – 17 which should keep all markets active through year end and sets the stage for an active and volatile beginning to 2015. In the short term gold support should be expected from the low $1,190.00’s through the low $1,180.00’s while resistance is likely to be encountered from the mid $1,220.00’s through upper $1,230.00’s. Silver support can be expected from the low $16.00’s through $15.75 while resistance can be expected from $16.75 through $17.10.
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.