Dillon Gage is proud to offer the following insights into the precious metals market from Roy Friedman. Roy has over 3o years of in-depth experience in all facets of precious metals. We will offer Roy’s comments several times each week.
Following weaker than expected economic figures in China and Europe, the metals complex was under heavy pressure yesterday morning. Gold traded down to a fresh 2-month low as $1,635.00 failed to hold and a low of $1,628.00 was recorded. With physical demand being strong in the U.S., prices firmed on this dip and the market recovered to close at a respectable $1,647.00. Platinum continues to lose ground to gold but industrial demand is expected to pick up, with prices approaching $1,600.00. And, we have seen a significant increase in demand from the physical investment community this week. Dillon Gage has a variety of platinum coins and bars all available for immediate delivery to satisfy your clients’ requests.
Gold continues to oscillate each day, but then bounces off the lows that are now becoming impressive, showing signs that further washouts may not be in our immediate future. Technically, a weekly close above or below $1,650.00 should set the tone for early next week with $1,675.00 and $1,625.00 as the short term targets. Keep a close eye and ear on your television or computer monitor today, as Mr. Bernanke is giving a speech to a conference hosted by the Federal Reserve Bank which will be closely watched by all market participants. And This speech has the potential to significantly move the markets.
Good luck and have a good weekend,
Roy Friedman has a degree in economics and political science from the State University of New York at Binghamton. For more than 30 years, he has worked at all levels of he industry including as a trader for major Metals firms and international banks. For more information on Mr. Friedman, please click here.