Precious Metals Recap – 6/7/2017Posted 06/07/2017 3:33PM CT |
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.