NY - Comex Gold & Silver futures came under a NY - Comex Gold & Silver futures came under attack -
from a sell-off of fund long positions Friday
at the New York Mercantile Exchange, leaving the
yellow metal to drop to its lowest level
in three weeks -
While the metal saw a support from a weaker dollar
and firm oil prices at the open, that was soon reversed
with a quick dash to a $616 an ounce three-week
low amid fund long liquidation.
At the close, the contract was down $12.30 at
$620.20 an ounce.
"Despite supportive factors, market participants
are still happy to take profits as the sentiment remains
cautious in the short term, which capped the market,"
said analysts at MKS Finance.
Gold was hit by a wave of selling with the price
dropping $10 in minutes and slipping once again
below the $625 level, traders said.
The moves of crude oil off its highs also weighed
on the precious metals complex, a trader added.
During the session, one analyst noted that funds
have moved out of the market and are less aggressive
than they had been in previous months.
For the medium term, analysts at MKS Finance said
the out look remains positive, underpinned by the
ongoing Middle East tensions and high oil prices.
But they added that volatility will remain high
as trading volumes are light in July and August
due to the vacation period and industrial shutdowns
The clear direction in the short term still remains
uncertain with Gold being for the moment bounded by
cabals manipulations in the $615-$650 range -
For the silver market, its breach of the $11 an ounce
mark was unsettling for the metal as it touched a low
of $10.76 an ounce.
The benchmark September contract later settled at
$10.845, down 22 cents on the day.
The platinum group metals followed suit with October
platinum settling down $5.80 at $1,220.50 an ounce.
September palladium ended down 20 cents at $311.80
an ounce.
Gold & Silver will rise in the long term:
It's not a question of if -
it's a question of when -
The Israeli army mobilized thousands of reserve troops -
and warned civilians in southern Lebanon to leave -
the area immediately, media reports said Friday -
https://news.bbc.co.uk/2/hi/middle_east/5202142.stm
OT. We Living In Inflationary War Cycle -
The Big Picture – history repeat itself -
https://news.bbc.co.uk/2/shared/spl/hi/guides/456900/456976/html/nn2page1.stm
FYI. Ex. BBC Religious Map outline the Facts -
Israel 100% Christian -
Its "GOD's Country" -
that's were "Christianity is born" -
any attack against Israel -
its an attack against "All Christian Countries" -
Israel has to be defended to 100% -
"by All Christians" -
https://news.bbc.co.uk/2/shared/spl/hi/guides/456900/456976/html/nn2page1.stm
btw. Hezbollah supporters are -
nss - naked short selling -
Don't let them gain force! -
In God We Trust.
Ps.
back to the basic strategic war metals -
https://www.investorshub.com/boards/board.asp?board_id=5404
https://www.investorshub.com/boards/board.asp?board_id=5406