We can’t say we were all that surprised by the modest selloff we saw in the precious metals group on Wednesday as we suggested in Tuesday’s note that a backdrop of a rising dollar and higher US interest rates could prove too formidable a headwind for gold to withstand. By day’s end, gold finished down about $9/ounce at $1324 on Wednesday, while silver lost 17 cents to end at $16.53. Platinum got hit hard, shedding $22 an ounce to end at $912.80, while palladium finished virtually unchanged to finish at around $970/ounce.
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Precious Metals Daily Report --April 26 2018.pdf | 429.34 KB |