Blog posts tagged with 'silver'

8/1/2024

Gold buoyed by haven interest amid rising Middle East tensions

OUTSIDE MARKET DEVELOPMENTS: The Bank of England cut the bank rate by 25 bps to 5% by a narrow 5-4 vote. "MPC continues to remain highly alert to risks of inflation persistence," said BoE governor Bailey.

While the inflation rate in the UK is presently at the BoE target of 2%, they see risk for an H2 rise in CPI to 2.75%. The policy statement indicated that the MPC will ensure the bank rate remains sufficiently restrictive until risks to inflation dissipate further. Future policy decisions will be made on a meeting-to-meeting basis.

Cable (GBP-USD) fell to 4-week lows, providing some lift to the dollar. 

The BoE move comes on the heels of yesterday's BoJ rate hike and a generally dovish hold by the Fed. All of this week's central bank decisions aligned with market expectations.

The Fed seems to be on track to begin easing in September. In yesterday's presser, Fed Chairman Powell said, "A reduction in our policy rate could be on the table as soon as the next meeting in September,” if incoming data remain on the current path.

Tensions are on the rise in the Middle East after Israeli airstrikes hit Beirut and Teheran. Key Hezbollah and Hamas leaders were targeted and reportedly killed in these actions. 

Iran’s supreme leader has ordered retaliatory attacks on Israel, further escalating the risk of all-out war in the region. Israeli Prime Minister Netanyahu acknowledged “There are challenging days ahead.”

U.S. Challenger Layoffs were 25.9k in July, the lowest in nearly two years, down from 48.8k in June. Planned layoffs slowed to 9.2% y/y, versus 19.8% y/y in June.

Initial jobless claims jumped 14k to 249k in the week ended 27-Jul. Continuing claims rose to a 32-month high of 1,877k, versus a revised 1,844k in the previous week.

U.S. Q2 productivity (prelim) surged to 2.3%, above expectations of 1.7%, versus a positive revised +0.4% in Q1 (was +0.2%). Unit Labor Costs (ULC) fell to 0.9%, below expectations of 2.0%, versus a revised 3.8% (was 4.0%).

Manufacturing PMI and ISM edged up in July, to 49.6 and 46.8 respectively, reflecting some level of resilience in the U.S. economy. The ISM prices paid index rose to 52.9, versus  52.1 in June driven by higher input costs.

U.S. construction spending was -0.3% in June, below expectations of +0.2%, versus a revised -0.4% in May (was -0.1%). It was the second consecutive monthly contraction as high mortgage rates continue to adversely impact single-family home construction.


GOLD
OVERNIGHT CHANGE THROUGH 6:00 AM CDT: -$11.95 (-0.49%)
5-Day Change: +$76.34 (+3.23%)
YTD Range: $1,986.16 - $2,481.63
52-Week Range: $1,812.39 - $2,481.63
Weighted Alpha: +27.91

Gold began the U.S. session modestly lower, but has rebounded to set new intraday and 2-week highs. The yellow metal is trading higher for a third session.



Despite recent corrective activity, gold ended the month of July with an impressive 5.2% gain. It was the sixth consecutive higher monthly close. This suggests the dominant uptrend is very much alive and well. If Israel and Iran go to war, I'd expect new highs in gold pretty quickly on safe-haven buying.

More than 78.6% of the correction has now been retraced, clearing the way for a retest of the record high from 17-Jul at $2,481.63. Intervening chart resistance is noted at $2,469.09/$2,473.97.

A lower interest rate environment and expectations of further global easing should continue to be broadly supportive of gold. The exception is Japan, but remember they're raising rates from negative territory.

The ever-rising U.S. national debt is another bullish catalyst for gold. The $35 trillion milestone was surpassed on 
Friday. The debt-to-GDP ratio remains above 120%. Interest payments on the massive debt pile are now greater than the entire U.S. defense budget. The CBO projects high interest payments could drive the debt-to-GDP ratio to 166% by 2054.

"The borrowing just keeps marching along, reckless and unyielding," said Maya MacGuineas, president of the Committee for a Responsible Federal Budget. Regardless of how U.S. elections go in November, I don't expect any relief.

There are few choices for reducing debt, as politicians are generally loathe to cut spending or raise taxes on the majority of Americans. Increasing taxes on the "rich" alone isn't going to make a dent. Inflation through dollar devaluation becomes the only viable solution, which drives hedging interest in gold.


SILVER

OVERNIGHT CHANGE THROUGH 6:00 AM CDT: -$0.110 (-0.38%)
5-Day Change: +$1.100 (+3.95%)
YTD Range: $21.945 - $32.379
52-Week Range: $20.704 - $32.379
Weighted Alpha: +24.82

Silver remains comparatively soft, unable to sustain recent tests back above $29. Increased haven appeal seems unlikely to overcome demand destruction concerns associated with a weakening Chinese economy, at least not in the short term. A war between Israel and Iran could certainly change that.



I've been saying for some time that $30 needs to be regained to reinvigorate the bull camp. That level seems well protected at this point.

Wednesday's close above the 100-day moving average was encouraging, but silver has retreated to trade right around that indicator at $28.632 today. A close this week above $29 would make $30 more attractive.

New intraday lows on the other hand would put yesterday's low at $28.304 to the test. Penetration of the latter would favor a return to the $28 zone.

Peter A. Grant
Vice President, Senior Metals Strategist
Zaner Metals LLC
Tornado Precious Metals Solutions by Zaner
312-549-9986 Direct/Text
[email protected]
www.ZanerPreciousMetals.com
www.TornadoBullion.com
X: @GrantOnGold
X: @ZanerMetals
Facebook: @ZanerPreciousMetals

Non-Reliance and Risk Disclosure: The opinions expressed here are for general information purposes only and should not be construed as trade recommendations, nor a solicitation of an offer to buy or sell any precious metals product. The material presented is based on information that we consider reliable, but we do not represent that it is accurate, complete, and/or up-to-date, and it should not be relied on as such. Opinions expressed are current as of the time of posting and only represent the views of the author and not those of Zaner Metals LLC unless otherwise expressly noted.

7/31/2024

GOLD

OVERNIGHT CHANGE THROUGH 6:00 AM CDT: +$7.67 (+0.32%)
5-Day Change: +$28.15 (+1.17%)
YTD Range: $1,986.16 - $2,481.63
52-Week Range: $1,812.39 - $2,481.63
Weighted Alpha: +26.86

Gold opened this morning at $2,391.63 ahead of this week's central bank policy decisions. The July U.S. Jobs data report is set to be released this Friday. 


 
The Bank of Japan "BOJ" raised interest rates to levels unseen in 15 years. The rate hike was the largest since 2007 and came only months after the BOJ ended eight years of negative interest rates. The BOJ raised interest rates today to 0.25% by a 7-2 vote and projected inflation to stay around its 2% target in the coming years. BOJ Governor Kazuo Ueda did not rule out another hike this year and stressed the bank's readiness to keep raising borrowing costs to levels deemed neutral to the economy.

The World Gold Council asserts India's gold demand in the June quarter fell 5% from a year earlier, but consumption in the second half of 2024 should improve due to a correction in local price following a steep reduction in import taxes. Gold prices were back on track to register their best month since March on Wednesday led by geopolitical concerns and hopes of an interest rate cut in September. 

Gold futures rose 0.5% to $2,429.7/oz following the assassination of Hamas leader Ismail Hanieyah in Tehran and a top Hezbollah commander in Beirut.



SILVER

OVERNIGHT CHANGE THROUGH 6:00 AM CDT: +$0.189 (+0.67%)
5-Day Change: -$0.131 (-0.45%)
YTD Range: $21.945 - $32.379
52-Week Range: $20.704 - $32.379
Weighted Alpha: +23.81

Silver is trading above the new 11-week low at $27.425 on Monday, breaching the $28.00/0z mark. 




Silver scaled higher for the second straight day on Wednesday 7/31 and climbed to a multi-day peak during the Asian session.

Silver consolidated at around the $28.50/oz mark after diving into a two-month low of $27.31/oz. The white metal fell below the $29.00/oz figure and cleared support levels like the 50 and 100-day moving averages. Silver opened Wednesday at $27.91/oz after a previous close above the $28.00/mark. The White Metal is currently trading around the $28.781/oz mark amid rising tensions in the Middle East. 

Traders await today's FOMC decision for guidance. 


Tom Garland, Jr. 
Vice President, Relationship Management 
Zaner Metals LLC
Tornado Precious Metals Solutions by Zaner
312-205-7906 Direct/Text
[email protected]
www.ZanerPreciousMetals.com
www.TornadoBullion.com
X: @tornadobullion
X: @ZanerMetals
Facebook: @ZanerPreciousMetals

Non-Reliance and Risk Disclosure: The opinions expressed here are for general information purposes only and should not be construed as trade recommendations, nor a solicitation of an offer to buy or sell any precious metals product. The material presented is based on information that we consider reliable, but we do not represent that it is accurate, complete, and/or up-to-date, and it should not be relied on as such. Opinions expressed are current as of the time of posting and only represent the views of the author and not those of Zaner Metals LLC unless otherwise expressly noted.

Good morning. The precious metals are higher in early U.S. trading.

U.S. calendar features Mortgage Applications, ADP Employment Survey, ECI, Chicago PMI, Pending Home Sales Index, EIA Data, FOMC decision.

7/30/2024

Gold and silver are modestly higher as markets await central bank decisions

OUTSIDE MARKET DEVELOPMENTS: The market's focus is on central bank interest rate decisions. The BoJ, Fed, and BoE will all announce policy this week.

The BoJ is expected to raise rates. The Fed is expected to hold steady. The BoE is a bit of a toss-up with a bias toward a rate cut.

Eurozone Q2 GDP came in slightly better than expected at +0.3% q/q. Markets seem to be embracing this beat and shrugging off the unexpected 0.1% contraction in German GDP.

Eurozone economic sentiment ticked down a scant 0.1 points to 95.8 in July. The market had been expecting a much more substantial erosion of sentiment

German CPI inflation edged up to a 2.6% annualized pace in July, versus 2.5% in June.

Crude oil futures fell to 2-month lows below $76/bbl. The slowing Chinese economy has led to reduced imports by the world's second-largest economy. This has overshadowed heightened Middle East tensions, which tend to underpin oil historically.

The S&P/Case-Shiller home price index rose 1% in May, reflecting a 6.8% annualized appreciation in U.S. home prices. The FHFA home price index was steady at +5.7% y/y in May, after a downward revision from +6.3% in April. Despite persistently high mortgage rates, home prices continue to rise on tight supply.

U.S. consumer confidence rose to 100.3 in July, above expectations of 99.6, versus a revised 97.8 in June (was 100.4). Improved expectations were the driving force, but the present situation index fell to a 39-month low of 133.6, and the 1-year ahead inflation index remained elevated at 5.4%.

JOLTS job openings fell 46k to 8,184k in June. There are 1.2 available jobs for each unemployed job seeker 

Anti-Maduro protests are growing in Venezuela amid accusations that the long-ruling socialist strongman stole Sunday's election. Opposition leader Maria Corina Machado claims the opposition received 73.2% of the vote, but the national electoral authority proclaimed Maduro the winner.


GOLD

OVERNIGHT CHANGE THROUGH 6:00 AM CDT: +$8.17 (+0.34%)
5-Day Change: -$22.42 (-0.93%)
YTD Range: $1,986.16 - $2,481.63
52-Week Range: $1,812.39 - $2,481.63
Weighted Alpha: +24.04

Gold remains consolidative just below the $2400 level as traders await this week's central bank policy decisions. The trade is also eagerly anticipating Friday's release of U.S. jobs data for July.

 

I continue to watch the 20-day moving average, which comes in at $2,397.76 today, bolstering chart/Fibonacci resistance at $2,400.70/$2,403.05. Penetration of the latter would clear the way for a test of the next Fib level at $2,418.06 initially. Beyond that, $2,430.89/$2,433.06 (24-Jul high and 61.8% retrace) would be the attraction.

On the downside, the overseas low at $2,378.09 provides an intervening barrier ahead of yesterday's low at $2.374.13. More important support is defined by the lows from late last week at $2.358.18/$2,354.48. The 50-day moving average provides reinforcement and is at $2.358.60 today.

The World Gold Council reports that demand for gold fell 6% y/y in Q2 to 929 tonnes (ex-OTC) as record-high prices sapped jewelry consumption. Inclusive of OTC investment, demand grew 4% to 1,258 tonnes the highest Q2 reading in the series.

Global gold jewelry consumption dropped 19% y/y to a 4-year low of 391 tonnes. Chinese jewelry demand was particularly weak, exacerbated by the slowing economy.

Central bank gold buying rose 6% y/y to 184 tonnes. Soft demand in the West led to a 5% y/y decline in retail bar and coin investment. Gold used in technology was +11% y/y, driven by the AI trend.

Overall, the demand picture looked pretty bright through Q2. Meanwhile, supply rose 4% to 1,258 tonnes. The fundamentals remain broadly supportive.


SILVER

OVERNIGHT CHANGE THROUGH 6:00 AM CDT: +$0.045 (+0.16%)
5-Day Change: -$1.387 (-4.74%)
YTD Range: $21.945 - $32.379
52-Week Range: $20.704 - $32.379
Weighted Alpha: +18.37

Silver is trading modestly higher after setting a new 11-week low at $27.425 yesterday. As of Monday, silver has closed lower in nine of the last twelve sessions. The total decline since the 11-year high in May stands at just over 15%.



Momentum on upticks continues to disappoint and there just doesn't seem to be much incentive to rally out of this area. A close above the 100-day moving average ($28.550 today) would offer some encouragement.

However, the white metal really needs to regain the $30-handle to return confidence to the longer-term uptrend. Such a move would constitute a more than 50% retracement of the entire decline and put silver back above the 20- and 50-day moving averages.

Yesterday's low at $27.425 reinforces the $27.404 Fibonacci support level (78.6% retrace of the rally from $26.049 to $32.379). A move below this area would leave the $26.049 low from 02-May vulnerable to a test.


Peter A. Grant
Vice President, Senior Metals Strategist
Zaner Metals LLC
Tornado Precious Metals Solutions by Zaner
312-549-9986 Direct/Text
[email protected]
www.ZanerPreciousMetals.com
www.TornadoBullion.com
X: @GrantOnGold
X: @ZanerMetals
Facebook: @ZanerPreciousMetals

Non-Reliance and Risk Disclosure: The opinions expressed here are for general information purposes only and should not be construed as trade recommendations, nor a solicitation of an offer to buy or sell any precious metals product. The material presented is based on information that we consider reliable, but we do not represent that it is accurate, complete, and/or up-to-date, and it should not be relied on as such. Opinions expressed are current as of the time of posting and only represent the views of the author and not those of Zaner Metals LLC unless otherwise expressly noted.

7/29/2024

Gold and silver fail to sustain overseas gains

OUTSIDE MARKET DEVELOPMENTS: Israel is blaming Iran-backed Hezbollah for a weekend rocket attack on the Golan Heights that killed 12 children on a soccer pitch. Israel is expected to retaliate escalating risks of a wider conflict in the Middle East.

Israel struck an area in Gaza on Saturday that included a school where Hamas militants were reportedly operating. There were civilian casualties including children.

Cease-fire talks continued in Rome on Sunday. However, Israeli PM Netanyahu vowed "total victory" over Hamas in a fiery speech before a joint session of Congress last week.

U.S. economic data at the end of last week prompted a recovery on Wall Street. PCE data released on Friday broadly supported expectations that the Fed will begin easing in September. Equity futures are indicating upside follow-through to start the new week.

The FOMC will hold a two-day meeting beginning tomorrow. Policy will be announced on Wednesday. While no change is anticipated, the statement – and eventually the minutes (21-Aug) – may provide some clues as to the central bank's intentions for the remainder of the year.

BoJ policy will be announced tomorrow. Rising expectations for another rate hike helped boost the yen further off its multi-decade low last week.

The BoE also meets this week, and the policy decision is more of a toss-up. The latest Reuters survey is leaning toward a cut, but markets are only pricing in a 50% chance of easier policy.

The U.S. calendar is light today with just the Dallas Fed Index, which is expected to narrow modestly from -15.1 in June. 


GOLD
OVERNIGHT CHANGE THROUGH 6:00 AM CDT: +5.48 (+0.23%)
5-Day Change: -$7.33 (-0.31%)
YTD Range: $1,986.16 - $2,481.63
52-Week Range: $1,812.39 - $2,481.63
Weighted Alpha: +24.20

Gold ticked back above $2,400 in overseas trading, perhaps benefitting from a bit of a haven bid associated with the latest worries of a wider Middle East conflict. The yellow metal remains narrowly confined at the high end of last Thursday's range with weak upside momentum.

  
Today's action has seen tests back above the 20-day moving average, but intraday upticks have proven unsustainable thus far. A close above this indicator at $2,394.96 would be mildly encouraging. However, the more important close-in level I'm watching is $2,400.70/$2,403.05, where last Thursday's high corresponds closely with the 38.2% retracement level of the decline off the $2,481.63 record high from 17-Jul.

A breach of $2,400.70/$2,403.05 would shift focus to $2,418.06 (50% retrace) initially. Beyond that, $2,430.89/$2,433.06 (24-Jul high and 61.8% retrace) would attract.

Fresh intraday lows below $2,387.36 would leave the 50-day moving average ($2,359.34 today) vulnerable to further challenges. Gold tested below this indicator on Thursday and Friday last week, but was unable to close below it.

Gold ETFs saw 9.8 tonnes of net inflows last week. It was the sixth consecutive week of net inflows suggesting investors in all regions were buying into the correction. North America accounted for more than half of the net inflows. 

Gold ETF Flows by Region

Sources: Bloomberg, Company Filings, ICE Benchmark Administration, World Gold Council

Further evidence of buying interest comes from the latest COT report, which saw speculative net futures positions increase by 18.3k contracts last week to 273.1k contracts. That's the highest since November of 2022 when gold set a low of $1,617.06 which ended up being the third low of a triple bottom.

CFTC Gold speculative net positions

That being said, the market is very long. If gold doesn't rally out of this area, long liquidations could have rather bearish implications. Persistent weakness in silver remains a concern.

China Gold Association reported H1 gold production of 180 tonnes, up 1% over H1 2023. Gold consumption fell 5.6% y/y to 523.8 tonnes, weighed primarily by poor consumer sentiment that led to a sharp drop in jewelry buying.

Jewelry demand plummeted 26.8% to 270 tonnes. However, those same worries about the economy caused bar and coin demand to surge 46% to 213.6 tonnes.

“There are very limited choices in asset preservation due to capital control and the lack of investment options,” Gary Ng, senior economist with Natixis Corporate and Investment Banking, told the South China Morning Post.


SILVER

OVERNIGHT CHANGE THROUGH 6:00 AM CDT: +$0.221(+0.79%)
5-Day Change: -$1.054 (-3.62%)
YTD Range: $21.945 - $32.379
52-Week Range: $20.704 - $32.379
Weighted Alpha: +19.66

Silver remains defensive, having proven unable to sustain overseas gains. Last week's low at $27.524 has been exceeded, establishing new 11-week lows.



Concerns about the health of the Chinese economy are the biggest fundamental factor weighing on the commodities sector. In the wake of the Third Plenary Session, there is growing concern that the recent economic turmoil will lead to greater government controls.

Downside potential is initially to the $27.404 Fibonacci level (78.6% retrace of the rally from $26.049 to $32.379). A breach of that level would leave the $26.049 low from 02-May vulnerable to a challenge.

Perhaps not surprisingly, speculative net long positions in silver declined last week by 9.7k contracts to 51.1k. That's the lowest long positioning since the week ended 29-Mar.

CFTC Silver speculative net positions

A short-term close back above the 100-day moving average ($28.508 today) would take at least a little pressure off the downside. However, I still think $30 needs to be regained to re-instill confidence in the longer-term uptrend. And that level keeps getting further and further away.

Peter A. Grant
Vice President, Senior Metals Strategist
Zaner Metals LLC
Tornado Precious Metals Solutions by Zaner
312-549-9986 Direct/Text
[email protected]
www.ZanerPreciousMetals.com
www.TornadoBullion.com
X: @GrantOnGold
X: @ZanerMetals
Facebook: @ZanerPreciousMetals

Non-Reliance and Risk Disclosure: The opinions expressed here are for general information purposes only and should not be construed as trade recommendations, nor a solicitation of an offer to buy or sell any precious metals product. The material presented is based on information that we consider reliable, but we do not represent that it is accurate, complete, and/or up-to-date, and it should not be relied on as such. Opinions expressed are current as of the time of posting and only represent the views of the author and not those of Zaner Metals LLC unless otherwise expressly noted.

7/26/2024

Gold recovers somewhat ahead of the weekend, but silver remains defensive 

OUTSIDE MARKET DEVELOPMENTS: U.S. stocks are recovering somewhat from sharp losses earlier in the week, buoyed by recent U.S. data which are boosting confidence that the Fed will successfully orchestrate a soft landing. Arguably this has only happened once (1994-1995) in the past 60 years so the odds are probably against them.

Stock market weakness yesterday overshadowed positive U.S. growth news. Q2 advanced GDP came in at +2.8%, well above market expectations. While the U.S. economy continues to look resilient, the trade is increasingly worried about growth risks in China.

China's NDRC announced a new 'cash for clunkers' program on Thursday.  The latest effort to stimulate the lagging economy will focus directly on consumers by dedicating 150 bln yuan ($20.7 bln) to the replacement of old cars, appliances, bicycles, and other goods. 

The U.S. PCE price index – the Fed's favored measure of inflation – ticked up 0.1% in June, but the annualized rate dipped to 2.5%, from 2.6% in May. Core inflation rose 0.2% m/m, holding steady at 2.6% y/y.

Personal income rose 0.2% in June, below expectations of +0.4%, versus a negative revised +0.4% in May (was +0.5%). PCE came in at +0.3%, in line with expectations, versus an upward revised +0.4% in May (was +0.2%).

While more aggressive Fed rate cut bets are being pared, the market is still pricing in two cuts this year beginning in September. The probability that the Fed funds rate will be 25 to 50 bps lower after the September FOMC meeting stands at 99.6%.

With Fed easing widely anticipated to begin in September and the BoJ expected to tighten again next week, the market is reassessing a wide array of leveraged bets based on the yen carry trade. This is contributing to broader market volatility.



The USD-JPY rate slid to a two-month low on Thursday of 151.946, more than 6% off the multi-decade high set early in July at 161.948. The 200-day moving average has come within striking distance.

While it's premature to suggest the yen has reversed, the technical picture has deteriorated significantly in recent weeks. Narrowing interest rate differentials with the U.S. and the ongoing threat of direct BoJ intervention in support of the yen definitely have markets on edge. 


GOLD

OVERNIGHT CHANGE THROUGH 6:00 AM CDT: +$8.44 (+0.36%)
5-Day Change: -$22.64 (-0.94%)
YTD Range: $1,986.16 - $2,481.63
52-Week Range: $1,812.39 - $2,481.63
Weighted Alpha: +23.01

Gold has stabilized somewhat after Thursday's sharp sell-off to a two-week low of $2,354.48. While the yellow metal is higher on the day, price action remains confined to yesterday's range.

 

Gold appears poised for a second-consecutive lower weekly close with last week's close at $2,400.39 seemingly out of reach today. The 20-day moving average is at $2,391.68 and has come within striking distance today. I'd consider a close back above the 20-day as moderately encouraging.

While gold probed below the 50-day moving average yesterday and earlier today, this indicator remains intact on a close basis. Yesterday's low at $2,354.48 reinforces chart support noted in yesterday's commentary at $2,355.03/$2,352.28.

If this level were to give way, gold would be vulnerable to the next Fibonacci level at $2,329.15. Below that, the June lows at $2,295.86 and $2,287.64 would be back in play.

With silver still very much on the ropes, gold bulls need to be cautious here. I'd need to see the yellow metal move decisively back above $2,400 to set a more favorable short-term tone, which is likely predicated on more favorable price action in silver.


SILVER

OVERNIGHT CHANGE THROUGH 6:00 AM CDT: +$0.079 (+0.27%)
5-Day Change: -$1.440 (-4.93%)
YTD Range: $21.945 - $32.379
52-Week Range: $20.704 - $32.379
Weighted Alpha: +15.78

Silver remains defensive below $28 in the wake of yesterday's 3.7% plunge. Baring a miraculous rebound, the white metal will notch a third consecutive lower weekly close.



Silver has closed lower in nine of the last eleven sessions. Over that period, the white metal has tumbled below the 20-, 50-, and 100-day moving averages, leaving focus squarely on the downside.

While silver has been leading the charge lower, weighed by mounting growth risks in China, a rebound in gold could provide some underpinning to the market. I still think silver needs to recapture the $30 level to really reinvigorate the bulls. However, incremental gains above $28.476 (100-day SMA) and $29.00 would offer some encouragement along the way.

Yesterday's low at $27.524 now offers intervening support ahead of the $27.404 Fibonacci level (78.6% retrace of the rally from $26.049 to $32.379). An eventual penetration of the latter would leave the $26.049 low from 02-May vulnerable to a challenge.


Peter A. Grant
Vice President, Senior Metals Strategist
Zaner Metals LLC
Tornado Precious Metals Solutions by Zaner
312-549-9986 Direct/Text
[email protected]
www.ZanerPreciousMetals.com
www.TornadoBullion.com
X: @GrantOnGold
X: @ZanerMetals
Facebook: @ZanerPreciousMetals

Non-Reliance and Risk Disclosure: The opinions expressed here are for general information purposes only and should not be construed as trade recommendations, nor a solicitation of an offer to buy or sell any precious metals product. The material presented is based on information that we consider reliable, but we do not represent that it is accurate, complete, and/or up-to-date, and it should not be relied on as such. Opinions expressed are current as of the time of posting and only represent the views of the author and not those of Zaner Metals LLC unless otherwise expressly noted.