Is it just me, or does it look like the PMs seem to be decreasing during London exchange hours, and that the rest of the world is stable. It seems like London selling of PM is why drops in gold and silver price have been seen. I'm just going off the timing of sales drops and recoveries.
I thought it was Asia. I've seen some sharp moves occur recently in the gap between the Sydney close and the London open.
I've been noticing the Hong Kong and Sydney market being the "up" side of the curve, just in the last week. It seems that London, especially when overlapping with NY COMEX is selling.
Interesting...what springs to mind is that London is generally a good place to purchase large quantities of physical precious metal. In the last few days I have come across at least one breathless precious metal reporter filing a story on the scarcity of 100 toz and 400 toz gold bars. Is this selling activity induced by 1) demand created via Shanghai - which is focused on actual delivery of metal primarily. Will the Chinese government devalue again soon? 2) demand created by Europeans understandably anxious about the imminent future of the EU and the various central banks' proclivity to undermine their citizens' wealth. 3) demand centered on the lack of availability of gold in India arising from the government's heavy handed bullying of its population. Apparently if you have actual metal to hand over there at the moment, you can command upwards of USD 2000/toz. Likely all of the above plus something not covered, wait long enough and someone will provide a plausible answer - keep an eye out for it in the future and trade it.
They released some brexit economic plans and the market instantly sold pms. It's like they are cashing in their chips while they can.
Also is fed rise predicted to be 100% chance of a rise. I think silver will bottom out at 19-20 but recover next year to 30. A rate rise and US / UK spending big while in debt can only end one way. In the short term I think the value will stabalise at 20-25.
There is a very short article in why this dropped by Jeff. Mainly indicator that interest rates are going to rise. At the very end of the article were two words and for some reason I kept saying them to myself...... I think these two words will be something we will all hear to often in the near future. "Trump effect"
I read that as "consumer confidence". Irrespective of confidence placed in Trump... with ?? 19 trillion ?? or whatever the US debt is - any concept of "lower taxes higher spending" is not confidence, it is insanity.
