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U.S. Economic Data Suppressing Precious Metals - Market Report for 08/22/2014 - ModernCoinMart (MCM)

U.S. Economic Data Suppressing Precious Metals - Market Report for 08/22/2014 - ModernCoinMart (MCM)
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Posted: 08-22-2014 10:54:00 AM

Yesterday continued the recent run of better than expected U.S. economic data in the U.S., which kept a lid on gold and silver after both held support levels following the sharp sell-off.

Yesterday continued the recent run of better than expected U.S. economic data in the U.S., which kept a lid on gold and silver after both held support levels following the sharp sell-off. This morning finds our market trading on very light volume, but still holding support in gold at $1,275.00 and silver from $19.40 through $19.25.

This morning brings a speech by Fed. Chair Yellen at the Jackson Hole summit that is scheduled to begin at 10:00AM EST. The speech will not be broadcast, but as headlines are released volume and volatility should pick up. Physical buying was very impressive yesterday as those who stayed on the sidelines recently were rewarded for their patience. The question now will be what happens to physical demand. If demand stays strong we could see a short covering rally in the near term. If the buyers go back to the sidelines we are likely to see $1,250.00 in the coming days especially if the USD continues to strengthen. For those looking for a test higher gold is likely to see a pop if it breaks above $1,285.00 but runs into heavy resistance as it approaches $1,300.00.

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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.

This editorial is republished by MCM with permission from Dillon Gage Metals. It is not intended, nor should it be taken, as investment advice. No warranty as to the accuracy or validity of comments made within this editorial is expressed or implied by MCM or its staff. 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.

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