Precious Metals Recap - 12/13/2016

December 13, 2016 9:38AM CST

February Gold closed down 5.1 at 1160.7. This was 4.4 up from the low and 6.3 off the high.

March Silver finished down 0.00217 at 0.1697, 0.0026 off the high and 0.0014 up from the low.

The gold and silver markets waffled around both sides of unchanged on Tuesday, but generally favored a downward tilt. While precious metals markets should have found support from weakness in the Dollar, the weakness in the Dollar was not significant enough for metals to overcome liquidation by weak handed longs ahead of the FOMC meeting. While the trade might suggest that gold and silver have already factored in higher US rates, we have to think that both markets will still see more new lows for the move in the coming 36 hours of trade.

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