Precious Metals Recap – 8/8/2017Posted 08/08/2017 3:42PM CT |
December Gold closed up 1.6 at 1266.3. This was 9.2 up from the low and 4.7 off the high.
September Silver finished up 0.00189 at 0.1644, 0.0002 off the high and 0.00235 up from the low.
While December gold managed an early rally, it consistently gave ground ahead of and through US scheduled data flow and the washout initially culminated after the positive opening salvo in US equities. The December gold contract ultimately finished lower in the face of modest gains in the US dollar. However, the dollar at times showed significant strength and at one point the index made a seven day high. It goes without saying that a lengthening string of new all-time highs in certain stock market measures combined with favorable US data creates the potential for more gains in the dollar and less overall macroeconomic uncertainty.