Silver Under Pressure – Catching Up to Gold
Category: Market Reports
Author Name: Walter Pehowich
Posted: 07-18-2016 10:08:00 AM
Author Name: Walter Pehowich
Posted: 07-18-2016 10:08:00 AM
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.
SendSilver 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.
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About The Author
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Author Name: Walter Pehowich 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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