Gold At Daily Lows As USDX Rallies--But Silver Lining?

By Kitco News / February 02, 2018 / www.kitco.com / Article Link

Live 24 hours gold chart [Kitco Inc.]

(Kitco News) - Gold and silver prices are solidly lower and have hit newdaily lows in late-morning trading Friday. An upbeat U.S. jobs report hasrallied the U.S. dollar index, which has in turn pressured the entire rawcommodity sector, including the precious metals markets. However, the U.S.stock market is also in a significant sell-off late this week, despite theupbeat U.S.
economic news (The stock market bulls can no longer claimto "climb a wall of worry" which is a clue of an equities markettop.) If the U.S. stock market continues its downturn into the close Fridayafternoon, including technically bearish weekly low closes in the U.S. stockindexes, then don't be surprised if the safe-haven gold and silver markets seegood buying interest on bargain hunting and as money starts to flow out of theworld equity markets and into hard assets like the precious metals. Rising inflationarypressures are also working against the paper assets like stocks and bonds--andin favor of the hard assets. April gold was last down $15.60 an ounce at$1,332.20.

By Jim Wyckoff

For Kitco News

Contactjwyckoff@kitco.comwww.kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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