A-Mark Bullion Update
The USD continues its ascent higher and the euro has fallen to an eleven year low, dipping under 1.10 earlier in today’s trading session. Positive US economic data yesterday encouraged euro shorts to add to positions. ADP private non-farm payrolls rose by 212,000 for February after an increase of 250,000 for January. The 212,000 was slightly less than the median forecast but it was the thirteenth month of over 200,000 payroll gains. The ISM non-manufacturing PMI also beat February forecasts of 56.5 and came in at 56.9. Gold is trading lower for the fourth consecutive day after failing three days in a row around the $1,220 handle. Near term support is at the double bottom of $1,190 and then below there at $1,174. Silver is hanging above $16 so far but if gold breaks down, it feels like silver could follow in violent fashion. The $16 figure has now been approached four times in the last several weeks and has held each time. There will be plenty of stops around this key area.