Investing in precious metals 101

PM Daily Market Commentary – 11/24/2014

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  • Tue, Nov 25, 2014 - 03:49am



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    PM Daily Market Commentary – 11/24/2014

Gold dropped -3.80 to 1197.70 on moderately heavy volume, while silver rose +0.02 to 16.44 on heavy volume.  There was not much price movement today in the metals, but there was a lot of volume.   Silver actually managed to outperform gold, which is a nice change.  Both metals remain above their EMA-9, but below the MA-50, which is a sort of early-bullish no-mans-land.

The gold/silver ratio is slowly moving down; today it dropped -0.32 to 72.83.  If this continues – specifically if the gold/silver ratio drops below its MA-50 (currently 71.38), I think its a very encouraging sign for PM overall.  Gold/silver ratio hasn't been below its MA-50 since August 1.

Gold is right up against its MA-50, which is a logical resistance point.  If gold can close above the 50, it will be a very good sign.

The USD made a new high of 88.51 in Asia trading, but ended up selling off steadily through to the close in NY, dropping -0.19 to 88.17.  Although the dollar retreated today, it remains above its EMA-9 as it has for the past four weeks.

Mining shares retreated a bit, with GDX off -1.43% on moderate volume, and GDXJ was off -1.01% on light volume.   Mining shares still look bullish; low volume selling is no big deal, and the miners remain above their EMA-9.

SPX continued higher today, climbing +5.91 to 2069.41, yet another all time closing high.  VIX has fallen, off -0.28 to 12.62.  Put buyers have almost completely fled the field.

TLT rose slightly, +0.10%, forming a very shallow cup pattern.  It looks like a breakout, but in very slow motion.

The commodity index dropped -0.41%, remaining just above its EMA-9.   Oil was down, with WTIC off -1.26 to 75.46 and Brent down -0.91 to 79.68.  Both oil contracts are hinting at a return to a downtrend.

There wasn't a lot of price movement today – not much to report.  Perhaps the PM markets are waiting for that Swiss Gold Referendum, slated for Sunday November 30.

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  • Tue, Nov 25, 2014 - 11:38pm



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    Efficient Markets

Gold futures appear to be up a bit on the day…+$263.00 so far.

Something Appears To Be Going On With Gold

Edit:  Ok, I'm baffled.  WTH was that about?

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