Precious Metals Recap – 5/4/2017Posted 05/04/2017 10:50AM CT |
June Gold closed down 19.7 at 1228.8. This was 3.1 up from the low and 12.9 off the high.
July Silver finished down 0.00181 at 0.16365, 0.0028 off the high and 0.0015 up from the low.
Both gold and silver came under intensive selling pressure today, and we suspect part of those declines were the result of margin and capital liquidation pressures. The bull camp has to be extremely disappointed that noted weakness in the dollar was virtually discounted but significant weakness in crude oil pricing, copper and grains fostered a broad-based commodity liquidation environment. One might also suggest that gold and silver were undermined as result of declining political anxiety from the French election, and it could also be said that macroeconomic uncertainty was reduced by a favorable flow of US schedule data.