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Surprising Post Holiday Rally

Surprising Post Holiday Rally
Category: Market Reports
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Posted: 12-29-2014 01:53:00 PM

Trading volume in the U.S. is very light so far this morning but those that are trading appear to be more interested in selling at the moment as gold and silver have failed to hold $1,190.00 and $16.00 as buyers appear to be on the sidelines with all four precious metals drifting lower.

Holiday Market Report

Following the surprising rally (or should nothing surprise us at this point in the world of precious metals) on Friday which has been credited to buying out of China, trading resumed yesterday with an initial move to the upside as buying was reported out of Hong Kong which again could have had its roots in China. Gold took a run at $1,200.00 before stalling at $1,197.50 while silver topped out at $16.25. Trading was holiday quiet in Europe but light selling was seen as gold and silver moved back towards their opening levels.

Trading volume in the U.S. is very light so far this morning but those that are trading appear to be more interested in selling at the moment as gold and silver have failed to hold $1,190.00 and $16.00 as buyers appear to be on the sidelines with all four precious metals drifting lower. If we do see a move worth talking about this week from current levels it will likely be a reaction to a move in crude oil which for the moment appears to be consolidating at $55.00 on the active W.T.I. contract and could be poised for a move higher which would benefit gold or it could come from a continuation of selling in the gold and silver ETF’s which were seen last week and pressured prices.

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About The Author

Roy Friedman

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.

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