A seesaw week for gold ended today on a down note. Gold was off $13 from yesterday’s closing number in $1320 range. It began the week at $1321. Silver followed suit ending the week at $17.57 – down 19¢. It was down 25¢ on the day. Lest we forget, both metals were coming off highs for the year achieved last week. Profit-taking and contrary positioning are bound to show up on such occasions.
Professional investors, on the other hand, appear to be treating the seesaw action as a buying opportunity. The GLD-ETF, where funds and institutions tend to concentrate their purchases, is up 4 tonnes over the past few days.
Next week we have the FOMC meeting. Things could get interesting. . . .
Quote of the Day
“Gold and silver are in the beginning of these two [bull market] phases known as ‘Relief & Optimism’ which lasts another 2-3 years as the market begins to hit higher highs with sustained gains for longer periods of time and with fewer and shorter term pullbacks as investors begin to gain confidence and more people start to jump in, most of whom are usually professional investors such as hedge funds and money managers while the general public continues to ignore it.” – Commodity Trade Mantra (Are you still worried if gold is in a bull market? Let me show you.)
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