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Gold Daily

Gold Daily

LME REFERENCE PRICES

 AMMIDDAYPM
Gold 2,034.202,040.902,039.20
05/08/2020
Silver 26.5726.8926.95
05/08/2020

Metal Ratios

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Silver Chart

Silver Chart

Marex Spectron Bullion Thoughts

Gold and silver both had pretty dreadful days yesterday as the dollar strengthened against all currencies and yields rallied again. It felt as though a lot of longs just gave up the ghost yesterday, tired of holding onto a position that has promised much and delivered little. Yes folks, that is the gold market!!

We are now at the lower end of a range that has been going pretty much since the beginning of March, namely 1200-1300. As is so often the case I am hearing a lot of negative comments now that the market has fallen over eighty dollars in the last couple of weeks! It still amazes me how one never hears them at the highs, but always at the lows, in the same way positive comments abound at the highs and never at the lows!! None the less, we are towards the bottom end of the range as I say and although I think we can come a bit lower, I am not going to get overly bearish down here. I would look to buy gold between here and 1200 with a view of the price returning to the middle point of the range at some point. This is based on my view that rate rises will not continue at the pace we have seen so far and coupled with President Trump, North Korea and any other geopolitical problem you care to name, there is scope for a sharp rally at any time. The market has seen a very healthy washout of stale longs and may even be getting itself slightly short down here. 

Today sees no figures due to the 4th of July holiday in the US and as such, should be an extremely quiet day.

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