The precious metals market in holiday vacation mode once again this morning as we see very light volume in Gold and Silver CME Future contracts.
The Gold ETFs still showing outflows this morning as it seems like these redemptions might never end. Thank goodness the other three metals are showing some buying interest in the ETF arena.
A stronger dollar and slightly higher yields in the 10-year keeping a lid on the gold price this morning. An economist I spoke with this morning expects US 4th quarter economic results to be weaker than expected and if that occurs we should see a dollar decline and gold be supported at these levels.
As I reported in the last comment or two, some Wall street traders still position themselves on the short side of the ledger and think silver is much more vulnerable to the downside. I couldn’t contact anyone today as every gold trader seems to be on holiday.
Have a wonderful Wednesday.
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