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Precious Metals All Advance
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This Link is located in the Public Channel Contrarian Stock Market News and Views.
Posted by lucretius 175 days ago (contrarianprofits.com). Views: 0
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Gold dipped in Hong Kong but was little changed when New York opened on Thursday, but it took off from there, rising as high as $965 just before the noon hour, then eased through the rest of the Comex and the Globex to finish at $959.00/oz., up $10.70. Overnight, gold is sharply higher.
Platinum sank to as low as $1123 at the close in Hong Kong, but rose through the New York day, bouncing off of $1145 several times before slipping a bit to end at $1139, up $6. Overnight, platinum is trending higher.
Silver was down in early Hong Kong trading, falling to near $14.60, but it was all up from there as it blasted to a high of $15.25 near noon, then held most of its gains through the rest of the day, closing at $15.15, up 40 cents. Overnight, silver is strongly higher. (Click here for charts)
It was a gangbuster day for the precious metals, particularly silver, as the usual suspects provided some support for a change, with oil pushing higher and the dollar sliding against the euro.
The Hightower Report wrote: “The gold market showed early weakness and actually managed a quasi new low for the move before prices reversed and at least temporarily reached the highest level since March 20th. Clearly seeing a failed rally attempt in the Dollar provided the bull camp with some confidence but some traders suggested that “reflation” action was potentially behind some of the gains in gold today. With crude oil prices managing another new high for the move and the Dollar unable to sustain an early upside attempt, it is possible that gold was seeing support from a number of different angles. With the upside breakout in gold prices on the charts it is also possible that gold was seeing some technically related buying interest.”
And silver likely benefited from its dual nature.
“The $15 level is a break-out area for silver,” said George Gero, of RBC Capital Markets. “Silver is not a pure precious metal. It’s also an industrial. So what helps silver is the fact that there could be a recovery.”
Long term, of course, rising inflation will be a strong gold driver. But even near term the future is bright, according to Michael Lewis, head of commodities research at Deutsche Bank.
“The interest rate, exchange rate and equity environment still remains quite constructive for gold, particularly in the short term,” Lewis says. “We may see a bit more dollar weakness, and the appeal of gold will continue for inflation-hedging.”
Source: Precious Metals All Advance
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