As we noted earlier today the metals are climbing and presumably “building new floors” for gold and silver. We feel confident that silver will compete the construction as this day heads into the afternoon trading. The “pit” is now closed and silver has put on a very healthy 3.5%, approximately 0.65$, gain for the day.
Gold, while it has had nice morning and trading session, it shows why silver should be looked at seriously for generating some wealth. Silver rose 3.5% and gold rose by a whopping 0.5% or approximately $7.00. Of course both metals have the remainder of the day this is simply a look at the first part of the day through the AM and PM fix, “pit” trading session.
Further support for this strong start to the week to continue as the week unfolds. The geopolitical landscape is, currently, a nightmare that is getting worse by the day.
The weaker-than-expected economic readings added to investor worries over the effect of the U.S.-China trade dispute on the world economy, denting appetite for riskier assets. Over the weekend, the U.S. Trade Representative’s office issued a statement characterizing two days of talks with China as “productive.” This comes after Chinese officials unexpectedly canceled a visit to U.S. farms following their negotiations in Washington. Adding to global geopolitical risks, tensions remained elevated in the Middle East after Washington ordered more troops to the Gulf region to strengthen Saudi Arabia’s air and missile defenses, following an attack on the kingdom’s oil facilities. Source
The weaker-than-expected economic readings added to investor worries over the effect of the U.S.-China trade dispute on the world economy, denting appetite for riskier assets.
Over the weekend, the U.S. Trade Representative’s office issued a statement characterizing two days of talks with China as “productive.”
This comes after Chinese officials unexpectedly canceled a visit to U.S. farms following their negotiations in Washington.
Adding to global geopolitical risks, tensions remained elevated in the Middle East after Washington ordered more troops to the Gulf region to strengthen Saudi Arabia’s air and missile defenses, following an attack on the kingdom’s oil facilities. Source
We expect to see more moves like today as the week continues. While nothing moves in a straight line north, except the FAANG’s, we except to see some profit taking either Tuesday or Wednesday and then the northern climb to continue.
Now would be an excellent time to consider adding to or starting a new stack of physical. We just picked up some of the really beautiful ATB and Lunar Series silver coins that will be delivered in a few weeks. We fully expect to see much higher silver by the time we take possession of the coins we just ordered. I like the potential of turning a profit without doing a thing except making the right decision and acting upon it.
