Fortunately for the bull camp in gold and silver, the dollar has remained near five-day lows as the US economic outlook has deteriorated which has kept some measure of rate-cut hopes alive for the first half of 2024.
Indirectly the gold market should see minimal support from the very aggressive cut in the Chinese mortgage reference rate overnight as that tamps down fear of a Chinese collapse and global deflation.
Unfortunately for the bull camp, gold ETF holdings continue to decline with an outflow last week of 550,951 ounces bringing the year-to-date outflow to 3.1% in less than two months...[MORE]
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