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Silver under pressure this morning breaking thru key support levels. The silver decline seen as just catching up to gold, as gold late last week also penetrated thru a key level at $1,332.
Friday’s strong job number and a calming of Brexit worries have taken the air out of the Gold rally for the time being.
Quiet currency valuations and a continued rally in equities also doing damage to the bulls.
So the sell bias and profit taking continues in both metals. Wall Street traders are on the sidelines waiting to see if these levels will hold before going long again.
Physical premiums continue to shrink as demand slows. The U.S. Mint lifts the allocation process today for silver Eagles due to the slowing demand for product which has led to them not selling all allocated metal each week.
Dollar index unchanged this morning and oil continues to weaken.
The only positive comment I can share is, surprisingly we still see interest in the ETF arena as all four metals experienced inflows on Friday.
Author Name: Walter Pehowich
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