Precious Metals Recap - 6/7/2017

June 7, 2017 3:33PM CDT

August Gold closed down 7.8 at 1289.7. This was 4.7 up from the low and 7.9 off the high.

July Silver finished down 0.00135 at 0.17575, 0.0015 off the high and 0.0007 up from the low.

 

The gold market spent the majority of the Wednesday trade in negative territory after starting out on a very weak footing. It was a little surprising for the market to temporarily put a number of geopolitical flashpoints on hold, but none of the key issues have been fully resolved yet and therefore the bull case is not permanently injured. However, because geopolitical flashpoints remain in place in gold and silver were weaker today that would suggest the rally in the dollar was at least partially responsible for the corrective action. At least in the short term, we would expect buyers to come into gold and silver on weakness until one or several of the geopolitical issues (UK election, FBI testimony, soft US data and lastly the Iranian coup situation) are solved.

RJO Futures | 222 South Riverside Plaza, Suite 1200 | Chicago, Illinois 60606 | United States
800.441.1616 | 312.373.5478

The risk of trading futures and options can be substantial. Each investor must consider whether this is a suitable investment. Past performance is not indicative of future results. Trading advice is based on information taken from trades and statistical services and other sources that RJO Futures believes to be reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgement at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades.

This material has been prepared by a sales or trading employee or agent of RJO Futures and is, or is in the nature of, a solicitation. This material is not a research report prepared by RJO Futures Research Department. By accepting this communication, you agree that you are an experienced user of the futures markets, capable of making independent trading decisions, and agree that you are not, and will not, rely solely on this communication in making trading decisions.

Distribution in some jurisdictions may be prohibited or restricted by law. Persons in possession of this communication indirectly should inform themselves about and observe any such prohibition or restrictions. To the extent that you have received this communication indirectly and solicitations are prohibited in your jurisdiction with registration, the market commentary in this communication should not be considered a solicitation.