Precious Metals Recap – 8/23/2017Posted 08/23/2017 3:30PM CT |
December Gold closed up 4.7 at 1295.7. This was 7.8 up from the low and 1.3 off the high.
September Silver finished up 0.00113 at 0.17095, 0.0001 off the high and 0.00185 up from the low.
The December gold contract waffled around both sides of unchanged without much in the way of a committed direction. Clearly the market was underpinned as a result of the aggressive threats from the President that a government shutdown would result if the funds were not appropriated for the building of the wall. Certainly modest weakness in the US dollar also added a layer of support on the charts, but one can’t help but come away with the feeling that the long camp is vulnerable. The market was presented with news of a minor decline in Russian gold production but those figures were dated and from much earlier in the year. Both gold and silver derivative holdings have fallen off slightly so far this week.