Categories: General Market Commentary / Precious Metals
Topics: General Market Commentary / General Precious Metals

Gold: Another Head Fake? by Gerardo Del Real

Jan. 10, 2017

Gold: Another Head Fake?

Written by Gerardo Del Real

For the second straight week gold registered a gain. Fed minutes released show a willingness for a “gradual hike in interest rates.”

The lack of conviction in the statement set the stage for gold to rally to a five-week high, gaining 1.8% for the week and closing at approximately $1,173 per ounce.

I’ve written that I believe gold will go lower but that we will see a few head fakes beforehand. I believe this rally to be just that... a head fake. We’ll see.

Silver closed at $16.15 per ounce for a weekly gain of 3.3% while copper was up approximately 1.5% for the week closing at $2.55/lb.

Palladium started the new year with a bang. It closed at $758 per ounce for a weekly gain of approximately 11%.

Platinum had a solid week as well, closing at approximately $971 per ounce for a weekly gain of approximately 7.2%.

Uranium continues to show some upward momentum as the spot price flirted with $22 and closed in the $21/lb. range.

West Texas Intermediate (WTI) crude futures settled up 23 cents at $53.99 a barrel while Brent Crude closed at $56.83 a barrel.

Week in Juniors

To continue reading please click link http://www.outsiderclub.com/gold-another-head-fake/2187