Blog

10/2/2024

Gold consolidates within yesterday's range as silver tests back above $32 

OUTSIDE MARKET DEVELOPMENTS: Israeli Prime Minister Netanyahu has vowed retaliation for Iran's 'retaliatory' missile attack on Israel. Iran "made a big mistake tonight and it will pay for it,” warned Netanyahu. The cycle of retaliation seems likely to continue and the regional risks grow with each exchange.

Israel is thought to be considering taking out Iranian oil infrastructure and nuclear sites. It is believed that any response will be coordinated with the U.S.

Iran fired at least 180 missiles at Israel on Tuesday, but Israeli air defenses including the Iron Dome intercepted most. There are reports that U.S. forces participated in the defense effort. Despite the magnitude of the attack, damage and loss of life in Israel has been limited.

Hezbollah fighters in southern Lebanon say that they are engaged with IDF forces. Israel reports that eight soldiers have been killed in the fighting.

MBA mortgage applications fell -1.3% in the week ended 27-Sep, following some big weekly gains in the wake of the Fed's oversized rate cut on 18-Sep. Thirty-year mortgage rates ticked up for the first time in nine weeks to 6.14% from a 23-month low of 6.13%.

The ADP Employment Survey showed that private employers added 143k jobs in August, above expectations of +125k, versus a revised +103k in July (was +99k). Strength in the ADP report suggests some upside risk for Friday's NFP report, where the median payrolls estimate is +150k.

Richmon Fed President Thomas Barkin (moderate hawk) said there is still "significant uncertainty" about inflation and employment. Along with Fed Chairman Powell, he worries that core inflation won't come down much more until next year.

Incoming data and less dovish FedSpeak have seen the prospects for another 50 bps rate cut in October diminish to 34.7%. That's down from 36.8% yesterday and 57.4% a week ago.

GOLD

OVERNIGHT CHANGE THROUGH 6:00 AM CDT: -$14.34 (-0.54%)
5-Day Change: -$6.03 (-0.23%)
YTD Range: $1,986.16 - $2,684.45
52-Week Range: $1,812.39 - $2,684.45
Weighted Alpha: +44.18

Gold is consolidating within yesterday's range but remains generally well-supported by elevated Middle East tensions.  Given that yesterday's Iranian attack on Israel was largely ineffectual, some of the haven bid has come out of the market.



Geopolitical risks are still elevated, and gold is the preferred hedge against such risks. An article by The World Gold Council outlines the advantages of a gold allocation in times of geopolitical crisis.

According to the WGC: "In almost every week during which the GPR [Geopolitical Risk] index soared by over 100%, gold saw positive returns. Gold averaged a weekly return of 1.6% during these spikes while global equities declined, on average, by 0.8%." 

Gold, a consistent outperformer during geopolitical crises

The dollar remains on the bid as the market pares expectations for another jumbo rate cut in October. This is providing a bit of a headwind for gold.

Nonetheless, the trend remains decisively bullish with fresh record highs anticipated. Initial resistances are noted at $2,670.67/$2,673.67 (01-Oct and 27-Sep highs), and $2,684.45 (26-Sep high).

Sights remain set on the $2,700.00/$2,709.14 objective. Beyond that, psychological barriers at $2,800 and $2900 stand in front of the longer-term target at $3,000.

First support at $2,644.46 protects the more substantial $2,633.48/$2,627.20 area. The important 20-day moving average is at $2,591.53 today.

SILVER

OVERNIGHT CHANGE THROUGH 6:00 AM CDT: +0.022 (+0.07%)
5-Day Change: +$0.544 (+1.77%)
YTD Range: $21.945 - $32.657
52-Week Range: $20.704 - $32.657
Weighted Alpha: +43.32

Silver tested back above $32 today as a little more risk-on sentiment allows some level of focus to return to China's massive monetary and fiscal stimulus efforts. This is providing support to the broader commodity complex, but silver is likely garnering some additional lift from being a less costly alternative to gold.

 

While the white metal has slipped back into the range, leaving last week's high at $32.657 intact, focus remains on buying strategies. The three daily lows so far this week reinforce the importance of the $31 zone as short-term support.

An eventual move to new 12-year highs above  $32.657 would bode well for the bullish scenario that targets $33.972 based on a Fibonacci projection. The $33 area can be considered an intervening barrier.


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.

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

U.S. calendar features MBA Mortgage Applications, ADP Employment Survey, EIA Data.

FedSpeak due from Hammack, Musalem, Bowman, & Barken.

10/01/2024

Gold rebounds from recent corrective losses on rising Middle East tensions

OUTSIDE MARKET DEVELOPMENTS: Israel has launched its anticipated ground incursion into Lebanon, to push Hezbollah forces further back from the border. Israel also revealed that its special forces had already conducted more than 70 small raids within Lebanon since the war began to destroy Hezbollah positions, tunnels, and weapons.

Besides strikes in Lebanon and Gaza, Israel has also attacked military targets in Yemen and Syria this week.

The AP is reporting that Iran is preparing to “imminently” launch a ballistic missile attack on Israel, citing senior administration officials. That same official warned that such an attack would have “severe consequences” for Iran.

The Pentagon announced on Monday that additional U.S. fighter jet squadrons were being sent to the Middle East. “The United States is committed to Israel’s defense,” said U.S. Secretary of State Anthony Blinken. As tensions rise, uncertainty about President Biden's mental acuity is particularly concerning.

NATO's new Secretary General Mark Rutte has pledged ongoing support for Ukraine. "We have to make sure that Ukraine prevails as a sovereign, independent, democratic nation," he said.

Rutte indicated he supported Ukraine's use of weapons supplied by alliance members to "strike legitimate targets on the aggressor's territory." 

Rutte also accused China of being a "decisive enabler" of Russia's war effort. "(China) cannot continue to fuel the largest conflict in Europe since the Second World War without this impact in its interests and reputation," he said.

In Nashville on Monday, Fed Chairman Jerome Powell said that policy is "not on any preset course," reiterating the Fed's data dependency. He noted that the labor market “clearly cooled over the last year.” The market is expecting a NFP print of +150k on Friday.

The JOLTS job openings increased 329k to 8,040k in August, versus a revised 7,711k in July. That's the highest print since May.

U.S. manufacturing PMI was revised to 47.3 in September, versus a preliminary print of 47.0. However, the final reading was down 0.6 points from 47.9 in August. "The US manufacturing sector moved deeper into contraction territory at the end of the third quarter of the year," said S&P. 

New orders saw the sharpest drop since June 2023. The employment component fell to 48.3, the lowest reading since June 2020, as "job shedding intensified."

U.S. manufacturing ISM was unchanged at 47.2 in September, below expectations of 47.5, and holding just above July's low at 46.8. Prices slid to a nine-month low of 48.3 from 54.0 in August.

U.S. construction spending fell 0.1% in August, below expectations of +0.2%, versus a negative revised -0.5% in July (was -0.3%). June was revised sharply lower to -1.1% from unchanged previously. 

Auto and light truck sales for September come out later today. The market is expecting 2.0M and 9.9M respectively.

Today marks the beginning of the Golden Week holiday in China. Many Chinese take advantage of factory and business closures to travel, although the recent tough economic times are expected to dull spending this year. Chinese markets are closed for the remainder of the week.  

GOLD

OVERNIGHT CHANGE THROUGH 6:00 AM CDT: +$15.10 (+0.57%)
5-Day Change: +$5.26 (+0.20%)
YTD Range: $1,986.16 - $2,684.45
52-Week Range: $1,812.39 - $2,684.45
Weighted Alpha: +45.04

Gold has rebounded from recent corrective action on heightened haven demand stemming from the most recent developments in the Middle East. The yellow metal has moved back within $20 of last week's record high at $2,684.45 on reports that Iran has indeed fired missiles at Israel.



Friday's high at $2,673.67 is the next intervening resistance level to watch. If the U.S. becomes directly involved in the fight, gold could quickly go much higher.

Near-term potential remains to the $2,700.00/$2,709.14 objective. Psychological barriers at $2,800 and $2900 stand in front of the longer-term target at $3,000.

Goldman Sachs has raised their gold price forecast for early 2025 to $2,900 from $2,700. If things heat up in the Middle East we could see those levels before year end.

"We reiterate our long gold recommendation due to the gradual boost from lower global interest rates, structurally higher central bank demand and gold's hedging benefits against geopolitical, financial, and recessionary risks," the bank said in a note.

Silver has recovered somewhat from recent corrective action, buoyed by gains in gold. While the white metal remains confined to yesterday's range thus far, further short-term probes above $32 are considered likely.



Silver gains are being muted by today's soft U.S. manufacturing data and safe-haven buying in the dollar. While I do expect some spillover haven buying in silver, the vast majority of silver demand comes from industry.

First resistance is marked by yesterday's high at $31.829, the penetration of which would favor a retest of last week's 12-year high at $32.657. Friday's high at $32.227 provides an additional intervening barrier.

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.

9/30/2024

Gold and silver remain corrective ahead of month-end and quarter-end

OUTSIDE MARKET DEVELOPMENTS: China's CSI 300 stock index surged 8.5% on Monday, its biggest gain since 2008, as markets continued to digest last week's bazooka stimulus. Hong Kong's Hang Seng Index posted a 2.4% gain and is now up 24% YTD.

The easing of home-buying restrictions in three major Chinese cities provided additional lift to shares and its troubled real estate sector. Steel and iron ore prices surged. Copper reached a 4-month high of $4.7382 before retreating somewhat.

Bejing is pulling out all the stops to get growth back to its 5% target. There's a growing sense that if additional stimulus is needed to achieve that goal, it will be forthcoming. That provides a considerable market tailwind.

Iran has vowed retaliation for recent Israeli attacks that have effectively decapitated Hezbollah. The Wall Street Journal is reporting that Israeli special forces have been conducting targeted raids within southern Lebanon, possibly paving the way for a broader IDF ground incursion. 

ECB President Christine Lagarde is worried that the EU "recovery is facing headwinds."  That acknowledgment may boost the prospects for an October ECB rate cut, but European bonds and shares were under pressure today.

German HICP inflation fell to 1.8% y/y in September, versus 2.0% in August. Italian HICP inflation fell to 0.8% y/y in September from 1.2% in August. These readings below the ECB target of 2.0% may provide clearance for more easing, but Lagarde sees scope for a Q4 inflation rebound driven by energy prices.

Chicago PMI rose to 46.6 in September, above expectations of 45.9, versus 46.1 in August. While comfortably above the May low of 35.5, the barometer has been in contractionary territory for 24 of the past 25 months. Troubles at Boeing continue to pose a headwind.

The Dallas Fed Index improved to -9.0 in September, inside expectations of -10.7, versus -9.7 in August. "Moderate upward pressure on prices and wages continued in September," according to the Dallas Fed. The comments section highlights how political uncertainty ahead of the November election has weighed on sentiment. 

Fed President Powell will speak at the NABE conference later today.

GOLD

OVERNIGHT CHANGE THROUGH 6:00 AM CDT: -$6.68 (-0.25%)
5-Day Change: +$5.07 (+0.19%)
YTD Range: $1,986.16 - $2,684.45
52-Week Range: $1,812.39 - $2,684.45
Weighted Alpha: +42.86

Gold is maintaining a corrective tone to start the new week as traders ring up profits for month-end and quarter-end. The yellow metal is lower for a second session after setting a record high of $2,684.45 on Thursday.



Despite the recent setback, gold is poised to notch an eighth consecutive monthly rise and a fourth straight quarterly gain. The quarterly gain should be the best since Q1'16.

The trend remains decisively bullish. Consequently, pullbacks are likely to be viewed as buying opportunities. The  $2,700.00/$2,709.14 objective remains valid, with intervening barriers noted at $2,665.36, $2,673.67, and $2,684.45.

Supports at $2,624.58 and $2,614.86 protect the $2,600 zone. The rising 20-day moving average, which provided good support earlier in the rally, comes in at $2,575.17 today.

The COT report showed net speculative long positioning increased 5.3k contracts to 315.4k last week. That's the highest spec long positioning in more than four years.

CFTC Gold speculative net positions

I'm anticipating that gold ETFs saw good inflows last week as well, although my source for that information has not been updated yet. I'll cover ETFs tomorrow.

SILVER

OVERNIGHT CHANGE THROUGH 6:00 AM CDT: -0.485 (-1.53%)
5-Day Change: +$0.544 (+1.77%)
YTD Range: $21.945 - $32.657
52-Week Range: $20.704 - $32.657
Weighted Alpha: +43.32

Silver has corrected to the $31 zone on position squaring on this, the last trading day of September and Q3. However, last week's move to fresh 12-year highs has swung the technical picture decisively back in favor of the bull trend off the COVID-era low at $11.703.



I suspect the housing market reforms in China will ultimately have a positive impact on silver, as they have for steel and copper today. Silver has become an increasingly important component in home construction.

The net speculative long position in silver futures jumped 3.9k to 62.2k contracts according to the latest COT report. That's the biggest net-long position since late February 2020 and may be contributing to the recent corrective pressure.

 CFTC Silver speculative net positions

While additional downticks toward the $30 zone can not be ruled out, market focus is likely to remain on buying strategies in anticipation of further tests above $32.

On the upside, I have a Fibonacci projection at $33.972. Intervening barriers are found at $31.829, $32.227, and $32.657. Further out, a key retracement level is highlighted at $35.217 (61.8% retracement of the entire decline from $49.752 to $11.703). 


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.

9/27/2024

Gold and silver turn corrective after this week's big run-ups

OUTSIDE MARKET DEVELOPMENTS: Japan's former Defense Minister Shigeru Ishiba has been chosen to lead the ruling Liberal Democratic Party and is set to become the country's next Prime Minister. Ishiba favors a strong military and close security ties with the U.S.

Ishiba has pledged to continue the economic policies of outgoing PM Fumio Kishia, focusing on increasing real wages, boosting consumption, and ending deflation. He also favors more government spending to revitalize depopulated regions. Addressing Japan's declining population is a priority.

The yen surged in reaction and Japanese stocks fell. Ishiba supports an independent BoJ and the market seems to think there is now a heightened chance of more rate hikes.

Israel and Hezbollah forces in Lebanon continue to trade fire. IDF troops have been told to prepare for possible ground operations within Lebanon. This would be a significant escalation.

“Israel has every right to remove this threat and return our citizens to their home safely. And that’s exactly what we’re doing … we’ll continue degrading Hezbollah until all our objectives are met,” Israeli Prime Minister Benjamin Netanyahu told the UN General Assembly this morning. 

Netanyahu made no mention of the 21-day ceasefire proposal being brokered by the U.S. and France, suggesting that the deal is not in play.

Hurricane Helene has been downgraded to a tropical storm after making landfall on Florida's Gulf Coast last night. Floridians are dealing with mass power outages and flooding. At least 11 have died as the storm tracks north through Georgia causing severe flooding.

U.S. personal income rose 0.2% in August, below expectations of +0.4%, versus +0.3% in July. The savings rate ticked down to 4.8%.

PCE was up 0.2% in August, below expectations of +0.3%, versus +0.5% in July. The PCE inflation rose 0.1% resulting in a 2.2% annualized pace. Core PCE inflation also ticked up 0.1%; 2.7% y.y.  

The final Michigan Sentiment reading for September was 70.1, up from a preliminary print of 69.0 and 67.9 in August. The current conditions index was revised up to 63.3, while the final expectations reading was raised to 74.4. The one-year Inflation rate was adjusted down to 2.7%, the lowest since December 2020.

The U.S. Advance Indicators report for August showed the trade gap narrowed by 8.3% to -$94.3 bln thanks to a better-than-expected $4.1 bln rise in exports to $177 bln. Wholesale inventories rose 0.2% and retail inventories climbed 0.5%. 

GOLD

OVERNIGHT CHANGE THROUGH 6:00 AM CDT: -$8.05 (-0.30%)
5-Day Change: +$49.01 (+1.87%)
YTD Range: $1,986.16 - $2,684.45
52-Week Range: $1,812.39 - $2,684.45
Weighted Alpha: +45.46

Gold has slipped to a three-session low as traders took profits after this week's gains. Today is the first day of the week that a new record high has not been established. When September ends on Monday, it will mark the eighth consecutive higher monthly close.



Today's losses are seen as corrective within the well-established uptrend. Renewed buying interest is likely to surface with good supports noted at $2,624.58 (24-Sep low) and $2,414.86 (23-Sep low).

While the trade is arguably getting crowded, all the fundamental factors that have been driving gold higher are still very much in place. Heightened geopolitical tensions, political uncertainty, generally easier global monetary policy, a weaker dollar, Chinese stimulus, and strong central bank buying are all likely to persist and perhaps even intensify.

My next upside target is $2,700.00/$2,709.14. There are psychological barriers at $2,800 and $2,900 on the way to the longer-term objective is $3,000.

On last night's earnings call, Costco CFO Gary Millerchip said their physical gold sales were up "double digits" in Q3. Bullion is a driving force behind Costco's eCommerce revenue. Costco CEO Ron Vachris said the company had "no plans at this time" to create Kirkland Signature branded bullion.

Silver has retreated to approach the midpoint of this week's broad range. Even with today's pullback, the white metal is still up 4.7% this week.



Chinese monetary stimulus and expectations for up to CN¥2 trillion in fiscal stimulus drove silver to a 12-year high of $32.657 on Thursday. This upside breakout returns a measure of credence to the longer-term uptrend that began when silver bottomed at $11.703 in March 2020.

Silver has risen $20.954 (+179%) since that low was established. The $33.00 psychological barrier is the next upside target. Beyond that, there's a Fibonacci projection at $33.972.

An eventual violation of a key retracement level at $35.217 (61.8% of the entire decline from the March 2011 high at $49.752 to $11.703 low) would bolster a scenario that calls for a return to the $50 zone.

Keep in mind that the beta in the silver market is high and corrective action can be volatile. A pullback to the $30 zone can't be ruled out, although such a move is likely to attract additional buying interest.

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.

9/26/2024

Gold and silver extend higher in anticipation of Chinese fiscal stimulus

OUTSIDE MARKET DEVELOPMENTS: China's Politburo has pledged to deploy "necessary fiscal spending" to boost growth back to its 5% target. Citing sources, a Reuters article reports that the Ministry of Finance plans to issue CN¥2 trillion in sovereign bonds this year.

This comes on the heels of a surprise move by the PBoC earlier in the week that saw reserve requirements and key interest rates lowered. Bloomberg suggests the additional measures would "supercharge" China's stimulus.

"China’s policymakers are pulling out the stops," said David Qu of Bloomberg Economics. Qu noted that China is showing "an unusually high degree of urgency and determination to support the economy."

European stocks and bonds are rallying on mounting expectations that another ECB rate cut is in the offing. The latest ECB Bulletin sees scope for an uptick in inflation in Q4 before resuming the downward path to the 2.0% target in 2025. However, the central bank believes "risks to economic growth remain tilted to the downside."

U.S. durable orders for August were unchanged, better than the -2.6% market expectations, versus a revised +9.9% in July. The ex-transportation print was -0.5%.

The third report for U.S. Q2 GDP came in unrevised at 3.0%. Consumption was revised down to 2.8% from 2.9% in the second report. The price index was steady at 2.5%.

Initial jobless claims fell 4k to 218k in the week ended 21-Sep, below expectations of 225k, versus an upward revised 222k in the previous week. That's the lowest print since May. Continuing jobless claims rebounded 13k to 1,834k.

Today's U.S. data were generally positive, consequently, bets on another jumbo rate cut have moderated somewhat. The potential for a 50 bps rate cut in November stands at 52.1% currently, down from 57.4% yesterday.

GOLD

OVERNIGHT CHANGE THROUGH 6:00 AM CDT: +$15.74 (+0.59%)
5-Day Change: +$76.87 (+2.97%)
YTD Range: $1,986.16 - $2,684.45
52-Week Range: $1,812.39 - $2,684.45
Weighted Alpha: +44.90

Gold has now set record highs in five consecutive sessions, nine of the last eleven. News that China will add CN¥2 trillion in fiscal stimulus on top of the monetary stimulus announced earlier in the week is the latest driving force.



While gold has retreated into the range after setting the latest ATH at $2,684.45, pullbacks are still seen as corrective and are expected to attract further buying interest. Initial support is marked by the overseas low at $2.656.34, which protects Wednesday's low at $2,652.08. More substantial supports are at $2,624.58 (24-Sep low) and $2,414.86 (23-Sep low).

With the latest Fibonacci objective at $2,674.84 satisfied and exceeded, focus shifts to $2,700.00/$2,709.14. Confidence in the longer-term target at $3,000 continues to grow.

Incrementum, the producers of the In Gold We Trust report, reminded us via X that their bullish projection from 2020 is "almost exactly on track." Incrementum sees potential to $4.821 by 2030!

The most recent In Gold We Trust report 2024 was released in May and is well worth a read if you haven't done so already. The yellow metal is up nearly 13% since the report came out.

SILVER

OVERNIGHT CHANGE THROUGH 6:00 AM CDT: +0.811 (+2.55%)
5-Day Change: +$1.240 (+4.03%)
YTD Range: $21.945 - $32.657
52-Week Range: $20.704 - $32.657
Weighted Alpha: +46.19

Silver clearly likes the idea of "supercharged" Chinese stimulus. The white metal established a new 12-year high of $32.657 before retreating into the intraday range. Silver has gained more than 37% year-to-date.



The violation of the May high at $32.379 reestablishes the 4-year uptrend off the $11.703 low from March 2020. The $33.00 psychological barrier is the next upside target. Beyond that, there's a Fibonacci projection at $33.972.

The next major level I'm watching is $35.217 which marks 61.8% retracement of the entire decline from $49.752 (April 2011 high) to $11.703. 

The Asian low at $31.799 remains protected thus far, keeping yesterday's low at $31.642 at bay. Pullbacks are expected to be viewed as buying opportunities with Chinese stimulus and a global bias toward monetary easing expected to provide a persistent tailwind for the market.


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.