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A-Mark’s Bullion Update

Blog Dec 5, 2014

Gold aA-Mark-Precious-Metals-Incnd silver have followed up a wild start to the week with uninspiring trading action for the remainder of it.  While Monday had over 340,000 contracts trade on the active Comex February gold contract, today only had volume of 140,000 contracts.  The trading range also went from a very wide and volatile $80 on Monday to a boring $12 today.  The European Central Bank left rates unchanged and US Non-Manufacturing PMI came in at the second highest number since 2005.  All of this translated to a bullish signal for the USD which weighed on the precious metals.   Gold perfectly touched resistance at $1,213.50 today, the fifth point in a five point downward trendline basis the February gold contract.  It appears that the yellow metal will need USD weakness in order to break through this increasingly significant resistance point.   Silver is once again trading without conviction and was capped at its 50 day moving average of $16.67.  Support still remains at $16 for the short term.

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