The Market Gage – Precious Metals Under Pressure This Morn.

“The Market Gage” features insights into the precious metals market from Roy Friedman. Roy has over 30 years of in-depth experience in all facets of precious metals.

Precious metals and most commodities continue to be under pressure this morning as trading heads for the finish line in a week that has seen sharp losses in the precious metals complex on the back of USD strength and rising interest rates. I often write about the yield of the 10-year bond and its impact on price direction. Over the course of the last month or so, the yield has moved up from the low 2.30s to another sell off in bonds this morning which has the yield at 2.60 percent. While the yield is historically very low, the rising rate weighs heavily on our market as it supports the USD.

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The Market Gage – Keep An Eye on Platinum

“The Market Gage” features insights into the precious metals market from Roy Friedman. Roy has over 30 years of in-depth experience in all facets of precious metals.

Despite the ongoing rally of the USD, gold and silver performed quite well yesterday ending the day with a rally after trading below $1,250.00 and $19.00. However, the rebound has been short lived as the highs seen in Asia on good physical demand at $1,258.00 and $19.12 were not sustained. In early U.S. trading today, gold and silver are back to fighting over price direction at $1,250.00 and $19.00. Keep a close eye on platinum and palladium for the balance of the week as they have dropped sharply, but are now approaching levels where strong physical demand has been seen.

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The Market Gage – Precious Metals Start Week Quietly

“The Market Gage” features insights into the precious metals market from Roy Friedman. Roy has over 30 years of in-depth experience in all facets of precious metals.

Precious metals are off to a quiet start this week having already probed higher and lower on light volume since trading resumed yesterday. This follows a steady day on Friday, when a surprisingly weak reading on U.S. job creation for August had many questioning the health of our economy on the heels of Thursday’s action by the European Central Bank.

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The Market Gage – USD Rally Pressures Precious Metals

“The Market Gage” features insights into the precious metals market from Roy Friedman. Roy has over 30 years of in-depth experience in all facets of precious metals.

The European Central Bank took a very aggressive stance yesterday as it looks to turn the tide on a weakening economic slump throughout the Eurozone. Yesterday’s stimulus announcement of an asset backed bond purchasing program along with a lowering of their key deposit and refinance interest rates was more than most economists had expected. The result as discussed in an earlier commentary has been a sharp rally in the USD which is now at multi year highs as gauged by the USD Index and it is certainly adding pressure to precious metals and most commodities.

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The Market Gage – Precious Metals Start Sept with Sharp Losses

“The Market Gage” features insights into the precious metals market from Roy Friedman. Roy has over 30 years of in-depth experience in all facets of precious metals.

The precious metal market begins the new month on its heels as all four metals are looking at sharp losses in early U.S. trading. A lack of physical or paper buying overnight in Asia was a precursor of what was to come as short sellers continue to feel empowered on the back of the rising USD. With gold having already fallen below support at $1,275.00, today may see bargain hunters in the U.S. support the market in the mid $1,260.00s but it would appear further losses are on the horizon as $1,250.00 should be the next target.

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The Market Gage – Gold & Silver Held Levels All Week

“The Market Gage” features insights into the precious metals market from Roy Friedman. Roy has over 30 years of in-depth experience in all facets of precious metals.

Precious metals, especially gold and silver, have held key support levels all week as rising tensions between Russia and Ukraine has brought us an increase in global physical demand while paper traders with short positions have likely bought some of those positions back. Gold has traded into the mid $1,290.00s and silver the $19.90s, but a continuation of USD strength and good U.S. economic data has so far prevented further gains.

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The Market Gage – Overall Volume Continues Light

“The Market Gage” features insights into the precious metals market from Roy Friedman. Roy has over 30 years of in-depth experience in all facets of precious metals.

Yesterday’s early morning short covering rally which may have been caused in part by discord within the French government was short lived, especially in silver where those gains were all given back during the U.S. trading day. Overall volume from all segments of the market continues to be light, but despite the strength of the USD and continued record bullish run in U.S. equities, gold and silver have held support at $1,275.00 and $19.25.

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The Market Gage – Tech Issues Delay Sunday Trading

“The Market Gage” features insights into the precious metals market from Roy Friedman. Roy has over 30 years of in-depth experience in all facets of precious metals.

Trading resumed yesterday a bit later than usual as a technical problem with the Globex trading platform delayed the open by four hours. When trading did resume, physical demand in Asia was very light and with London closed today for a bank holiday overall volume to this point has been very low. Trading in the U.S. begins with all four precious metals marginally lower as U.S. equities are poised to open higher following a sharp rally in the German DAX Index.

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The Market Gage – U.S. Economic Data Suppressing Precious Metals

“The Market Gage” features insights into the precious metals market from Roy Friedman. Roy has over 30 years of in-depth experience in all facets of precious metals.

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.

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The Market Gage – FOMC Weighs Down Precious Metals

“The Market Gage” features insights into the precious metals market from Roy Friedman. Roy has over 30 years of in-depth experience in all facets of precious metals.

Precious metals are continuing to feel the weight of yesterday’s hawkish FOMC minutes which showed that several committee members discussed the possibility of raising interest rates sooner than expected, citing stronger than expected job creation and the lower unemployment rate. The reaction of the USD was an immediate rally as the USD Index moved to an 11-month high pressuring gold and most commodities.

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