Precious Metals Recap – 6/12/2017Posted 06/12/2017 3:45PM CT |
August Gold closed down 3.6 at 1267.8. This was 2.2 up from the low and 4.6 off the high.
July Silver finished down 0.00283 at 0.1694, 0.00275 off the high and 0.0005 up from the low.
The gold market put in a very disappointing trade with a lower low and some of the lowest action since June 2nd. Unlike the Yen and the Treasury markets, the gold and silver markets failed to see safe haven buying interest and that has to leave the bull camp discouraged. Another issue undermining the bull case is the lack of support from weakness in the dollar today. Apparently the bull camp will need to see even more significant/anxiety ridden liquidation action in US equities to catch a bid.