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Gold Defensive, but Still Above Key Support

by Peter A. Grant

September 19, AM
(from USAGOLD.com) --

Gold remains defensive ahead of the key $1200 support zone, edging to another new eight-month low. The yellow metal appears poised for a third-consecutive lower weekly close as the dollar remains well bid and stocks continue to push deeper into record territory. Weak silver is playing a role as well.

Shares found comfort in the Fed leaving the "extended period" verbiage in the policy statement, although stocks have given back today's early gains. Yields have risen in recent weeks, but seem to have stabilized shy of the 2.70% high in the 10-year from earlier in the summer.

Markets seem to have dismissed the Fed's weaker GDP forecasts entirely. Just as it dismissed today's August LEI miss, soft industrial production and persistent weakness in the housing market. Fundamentals be damned...what's the Fed doing?

With gold once again near the cost of production and key support at 1182.10/1179.80, many seen the downside as limited. We've noticed a distinct uptick in buying activity at these levels as out clients look to take advantage of what they perceive to be bargain prices.

Many are seeing silver as a bargain as well, with the white metal dropping to a four-year low of 17.76. Evidence of silver's relative under-performance is evidenced in the surging gold/silver ratio, which reacjed a four-year high of 68.17 today.

Opinions expressed in commentary on the USAGOLD.com website do not constitute an offer to buy or sell, or the solicitation of an offer to buy or sell any precious metals product, nor should they be viewed in any way as investment advice or advice to buy, sell or hold. USAGOLD, Inc. recommends the purchase of physical precious metals for asset preservation purposes, not speculation. Utilization of these opinions for speculative purposes is neither suggested nor advised. Commentary is strictly for educational purposes, and as such USAGOLD does not warrant or guarantee the accuracy, timeliness or completeness of the information found here.

 

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