(Kitco commentary) - I know it's mid-August, but it indeed feels like Ground Hog Day with Precious Metals trapped on a merry-go-round of negativity where stronger economic data in the U.S. reaffirms the Fed's
I know it's mid-August, but it indeed feels like Ground Hog Day with Precious Metals trapped on a merry-go-round of negativity where stronger economic data in the U.S. reaffirms the Fed's "higher for longer" theme that strengthens the U.S. Dollar and pushes yields higher.
You get the picture, the Dollar rallies, Yields move higher, Gold retreats. The cycle may break this week with Thursday's Jackson Hole symposium, where comments from Jerome Powell may give some indication that the interest rate hike cycle is over. Silver futures are back near the trough of the mid-summer lows and remain comfortably within a $4 price band with $22 as support and $26 as resistance. I firmly below it will take a close over $23.
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