While early action today in gold and silver could produce a narrow trade, the bear camp is somewhat emboldened by comments from a former vice chair of the Fed who predicted further rate hikes this cycle.

The bear camp should also be emboldened by 6 straight outflows from gold and silver ETF holdings. In fact, silver ETF holdings flipped from a net inflow for the year to a net outflow for the year with net sales reaching 3.08 million ounces.

In a minimally supportive demand development (more psychological than physical) Chinese gold reserves at the end of May were 67.27 million ounces compared to 66.76 million ounces at the end of April...[MORE]

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