Precious Metals Recap – 11/6/2017Posted 11/06/2017 3:31PM CT |
December Gold closed up 13.1 at 1282.3. This was 15.9 up from the low and 1.6 off the high.
December Silver finished up 0.00426 at 0.1726, 1E-04 off the high and 0.00465 up from the low.
As in the energy complex, we are not sure if the potential turmoil inside Saudi Arabia was solely behind the recovery action in gold and silver today but that potential situation isn’t insignificant. While gold and silver were also helped off their lows by a reversal in the dollar, we think a general “reflation” environment provided the backdrop for the higher high recoveries. It is also possible that flattening yield curve dialogue (normally thought to predict recession) provided additional safe haven buying interest for the precious metals to start the trading week.