The Market Gage – Precious Metals Took It On The Chin

“The Market Gage” features insights into the precious metals market from Roy Friedman. Roy has over 30 years of in-depth experience in all facets of precious metals.

Precious metals are gravitating around yesterday’s settlement prices on light volume this morning as geopolitical events support prices, while decent global economic data pressure prices. Technically speaking, the range in gold continues to narrow with support at the 100-day moving average at $1,302.50 and resistance at the 10-day average at $1,313.25.

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The Market Gage – Few Changes in Precious Metals

“The Market Gage” features insights into the precious metals market from Roy Friedman. Roy has over 30 years of in-depth experience in all facets of precious metals.

Precious metals are gravitating around yesterday’s settlement prices on light volume this morning as geopolitical events support prices, while decent global economic data pressure prices. Technically speaking, the range in gold continues to narrow with support at the 100-day moving average at $1,302.50 and resistance at the 10-day average at $1,313.25.

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The Market Gage – Precious Metals Uptick This Morning

“The Market Gage” features insights into the precious metals market from Roy Friedman. Roy has over 30 years of in-depth experience in all facets of precious metals.

Precious metals are higher across the board this morning on light volume as geopolitical headlines continue to dictate price direction. Of note this morning, all four precious metals are once again trading above their 10, 50 and 100-day moving averages. While this is usually a bullish sign, it was not the case last week and with low volume or a lack of follow through, today or tomorrow could prove to be a “sell signal.”

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The Market Gage –

“The Market Gage” features insights into the precious metals market from Roy Friedman. Roy has over 30 years of in-depth experience in all facets of precious metals.

Yesterday’s events and the reactions of all markets have been well documented and highlight why investors flock to gold and precious metals during heightened geopolitical events. The question is where do precious metals go from here? This morning finds precious metals are lower across the board as are European equities, while U.S. equities are higher and recovering from yesterday’s sharp sell-off. Geopolitical tensions are high globally and this will provide underlying support to precious metals for the foreseeable future but as we are witnessing this morning the spike higher is not followed by further gains and we eventually get a day like this past Monday when prices drop over 2 percent. This is followed by physical buyers stepping to the plate and taking advantage of the lower price.

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The Market Gage – Our Corner Of The Market Has Come To Life

“The Market Gage” features insights into the precious metals market from Roy Friedman. Roy has over 30 years of in-depth experience in all facets of precious metals.

The sharp drop in prices this week has been met with a surge in physical demand as our corner of the market has come to life. Unfortunately, the sharp sell-off is likely another thorn in the side of speculators who trade from the long side, as many were unlikely to exit the position fast enough to have locked in a profit. Overnight trading in Asia was quiet and, like Sunday night, may have been the catalyst for the sellers to step up until support was found in gold in the low $1,290.00s. In early trading this morning, gold is the sole precious metal higher on the day as it is trading on either side of $1,300.00.

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The Market Gage – Precious Metals Fail to Hold Friday’s Uptick

“The Market Gage” features insights into the precious metals market from Roy Friedman. Roy has over 30 years of in-depth experience in all facets of precious metals.

Despite Friday’s steady day (with prices moving higher late in the day), there was no follow through in Asia overnight as early physical demand did not last long. With CFTC data released on Friday showing COMEX short positions continued to be covered and long positions continued to be added, we were faced with an overnight market where short sellers were anxious to get back in and “longs” were not willing to miss the opportunity to lock in profits.
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The Market Gage – Portuguese Bank News Lifts Gold & Silver

“The Market Gage” features insights into the precious metals market from Roy Friedman. Roy has over 30 years of in-depth experience in all facets of precious metals.

Gold and silver spiked higher in Europe yesterday, breaking above resistance levels on news that a large bank in Portugal had missed payments on short term debt raising fears of another credit crisis in Europe. Along with this, tension continues to escalate in the middle-east as fighting between the Israelis and Palestinians has intensified.

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The Market Gage – European Buying Lifts Precious Metals

“The Market Gage” features insights into the precious metals market from Roy Friedman. Roy has over 30 years of in-depth experience in all facets of precious metals.

Precious metals tried a bit lower earlier in the week and found buyers lurking below.

This morning finds the complex higher across the board after early morning buying was seen in Europe with gold leading the way as it took a run at $1,330.00. Silver is again safely above $21.00 and platinum is again above $1,500.00. The shining star continues to be palladium which is on quite a winning streak as it closes in on two straight weeks of daily gains.

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The Market Gage – Post-Holiday Slump for Gold, Silver, Platinum

“The Market Gage” features insights into the precious metals market from Roy Friedman. Roy has over 30 years of in-depth experience in all facets of precious metals.

Trading resumes in the U.S. today with gold, silver and platinum drifting lower and below near term support levels, while palladium continues to find buyers and marches higher. CFTC data for last week showed speculative long positions continued to increase in gold and silver, while the end of the holiday-shortened trading week found both metals feeling a bit tired.

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Justice Department Operation Could Impact Your Business

Overview of “Operation Choke Point”

Justice’s new probe, known as “Operation Choke Point,” is asking banks to identify customers who may be breaking the law or simply doing something government officials don’t like. Banks must then “choke off” those customers’ access to financial services, shutting down their accounts.

Justice launched the effort in early 2013 as a policy initiative of the president’s Financial Fraud Enforcement Task Force, which includes the Federal Deposit Insurance Corp., the Consumer Financial Protection Bureau and other regulatory agencies. Though details are scant—much of the investigation has been conducted in secret—the probe aims to crack down on fraud in the payments system by focusing on banks that service online payday lenders and other services deemed suspicious by the government.

There are presently 30 merchant categories, including coin dealers that have been associated with “high-risk” activity by the Department of Justice. (Please note that this is under the judicial branch of government, not the legislative branch.)

Since January, ICTA Legislative Consultant Jimmy Hayes has attended hearings on Operation Choke Point, including last month’s U.S. House of Representatives Committee on Oversight and Government Reform. Based on these hearings, Hayes does not believe that coin dealers will be a target of this overreaching initiative by the Department of Justice.

For more information on Operation Choke Point and other topics that affect you and our industry, please become a member of the Industry Council for Tangible Assets (ICTA) Dues are based on business volume. Being uninformed could be very costly to your business. Click here for membership info.

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