Precious Metals Recap - 7/11/2017

July 11, 2017 3:50PM CDT

August Gold closed up 2.3 at 1215.5. This was 8.1 up from the low and 1.4 off the high.

September Silver finished up 0.00176 at 0.15805, 0.00015 off the high and 0.0038 up from the low.

If the gold market today was supported as a result of the Gold Fields Mineral Services report of a very sharp rise in Indian June gold imports, there was a delayed reaction in prices as gold in the early US trade was weak even though the market was already aware of the GFMS Indian import news. Apparently Indian June gold imports rose sharply to 75 tons with the first half of 2017 jumping by hundred 61% versus year ago levels for a total six month import tally of 514 tons. Unfortunately for the bull camp, the GFMS predicted July gold imports for India would be less than 35 tonnes and that tempers the bullish Indian gold demand theme. It does appear as if the near term action in gold and silver prices is highly dependent on the ebb and flow of the US dollar. The recovery in gold prices (that eventually posted a low to high recovery of $9.00) was in fact tied to the reversal in the dollar from its initial highs.

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.