Gold, Silver Solidly Down, At Daily Lows
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(Kitco News) - Gold and silver prices are solidly lower and trading at their daily lows inlate-morning price action Wednesday. Gold is at a 1.5-year low and silver at atwo-year low. A higher U.S. dollar index that hit a 14-month high overnight andsharply lower Nymex crude oil prices that hit a seven-week low below $65.00 abarrel are bearish "outside market" forces working to pressure theprecious metals. Technical selling has also kicked in, likely especially amongthe big speculative "fund" traders who reckon there is stillsignificantly more downside coming in gold and silver prices. Gold and silverbulls remain frustrated their supposedly safe-haven metals have not seen anysupport from the potential for a secondary currency market crisis that could belooming. December gold was last down $14.40 at $1,186.30 and September silverwas down $0.688 at $14.355.
By Jim WyckoffFor Kitco News
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jwyckoff@kitco.comwww.kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.