Overnight the price of Silver reached a new low for 2019 at $14.35 while sellers still seem to be overtaking the buyers in the Gold market.
I expect the selling pressure in these two markets to be short lived.
Geopolitical tensions in the Middle East have pushed oil prices higher this morning to over $73 dollars a barrel, compared with last week’s low of just under $70 dollars a barrel.
U.S. 10-year Treasury yields have broken thru the 2.39 percent level and the Dollar index is slightly lower giving the price of Gold some support.
Even with both Gold and Silver under pressure recently, geopolitical risks and a possible military confrontation with Iran could spark a major run to safe-haven assets like Gold.
There are just so many news stories out there: Iran, Venezuela, North Korea flexing their muscles, China negotiations breaking down, for the price of gold not to head higher in the near term.
And the cost of these China tariffs being passed on to the American consumer will eventually have an influence on the Equity markets.
Have a wonderful Monday.
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