Gold, silver and platinum see weak price action

Gold, silver and platinum’s price action remains weak. Our lone long in metals being gold has gone down every day since we reversed. The current range in gold is between $1,790-$1840 based on December Futures. The five-day drop is $35.00 and counting.

Obviously, the ranges are tight in gold, silver and platinum, with danger lower across the board. Silver and platinum are in real trouble, with platinum falling below $1,000. A break below $25 in silver could create a much bigger downside move. Silver is at its lowest level in 6 months.

Today is jobs Friday, which can create a big move in the metals. The last few days have seen attempts to rally followed by immediate selling, which is not a good pattern. We will evaluate the price action after the jobs number. Still, the generally slow conditions across all asset classes should continue.

We will remain short silver and long gold until they reverse in trend. Gold is much closer to reversing back to short than silver to long. platinum would be a continued short; however, its lack of liquidity prevents us from making official trades

Patience, discipline, and money management always win the day. Let the map of the markets show you the way. Guessing the next move is a fool’s game.

On Saturday at Noon EDT, we will be presenting our Hedging Model; here is the registration.

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Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.


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