June Gold closed up 1.6 at 1643. This was 4.4 up from the low and 5.2 off the high.
May Silver finished down 0.128 at 31.651, 0.184 off the high and 0.111 up from the low.
The gold market did little this week to throw off the recent pattern of lower highs on the charts. In fact, today the gold and silver markets clearly under performed relative to copper, platinum and equities. Even somewhat supportive currency market action failed to provide the gold market with much of a lift today. In retrospect, the gold market seemed to be partially disappointed in this week's US economic results and it also seemed like some players remained concerned about further Euro zone debt problems despite the fact that the last Spanish auction went off without a volatility event unfolding. Perhaps some gold bulls would like to embrace easing prospects from the US or China but so far that line of thinking hasn't been a widely accepted theme.
The silver market waffled around both sides of unchanged today but the prior session's high wasn't taken out and the May silver contract ended up spending a large amount of time trading below the prior session's close. In looking back over the last two weeks, the silver market has seen evidence of rising silver production and it has also seen signs of declining silver production but in general the trade has been seemingly more interested in the ebb and flow of demand. In conclusion, silver was probably partially discouraged by macro economic news this week but that news was somewhat countervailed by positive silver market specific demand views from GFMS
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