Tuesday, July 5, 2016
Brexit and Stimulus remains in the forefront of investor’s minds. This pushed silver to trade above $21 Sunday the first time since 2014. It has since retreated to as low as 19.70 this morning. Gold has been more reasonable and is trading at 1346 not far from its recent highs of 1353. There is no doubt that the weakness of the British Pound contributed significantly. Short term, because of market sentiment against Brexit this should keep the pound weak but I have faith in the UK and believe this is a short term opportunity. Of course economic stimulus is a boom for commodities, platinum and palladium have followed as well with good fundamentals supporting their cause. For today look for downward pressure though I remain bullish for the days ahead.