PM Daily Market Commentary - 11/19/2013

By davefairtex on Tue, Nov 19, 2013 - 10:34pm

Gold closed down -0.80 to 1274.40 on average volume, while silver closed down -0.06 to 20.33 on moderately heavy volume.  The gold silver ratio climbed +0.13 to 62.67.  Gold traded within a moderately tight range today, closing about where it opened printing a doji candle on the day.

Silver did pretty much the same thing with a modestly more bearish bias; it made a new low of 20.20 today, but neither the move down nor the rebound were significant from a "market read" point of view since there was no volume attached to the modest drop.

The dollar dropped today -0.09 [-0.11%] to 80.69, trading in a narrow range all day long.  The buck is moving ever so slowly lower; its not clear if this is a trend or just a gentle bias.

GDX closed up +0.02% today on light volume, with GDXJ off -0.57% also on light volume.  GDX traded within a relatively narrow range, and ended up printing a doji on the day.

While most of the PM complex was just moving sideways, silver was ever so modestly misbehaving, making new lows and generally not finding any buyers.  Silver looks to be en route to test at least 19.5 support; if no buyers are showing up now, there's no reason why they should show up tomorrow, unless the price gets cheaper or some catalyst appears.

Trends in motion tend to stay in motion, and the current trend is down.


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ECB: negative 0.1% rates next

If more easing is needed, ECB is said to be considering setting rates to negative -0.1%; this from bloomberg.  No link available, 10:20 EDT.

Gold, the dollar, and SP500 jumped at that moment on some pretty big volume.

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Adam Taggart
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PMs slammed; Silver now below $20

Precious metals were hit hard after the latest FOMC minutes were posted less than an hour ago.

Silver is now below $20/oz:

And gold broke under its previous support level of $1,275/oz:

Gold has had a particularly challenging day, with gold futures trading having been halted (a very rare event) not once, but twice, today.

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