26th April 2018

 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.