Gold ending eventful week within $5 of where it began, silver a dime

Gold ending eventful week within $5 of where it began, silver a dime by Michael J Kosares for USA Gold

Gold traded in a narrow range to the downside in overseas markets last night appearing to catch its breath at the end of what has been an eventful week. It is down $2 at $1551 in early U.S. trading.  Silver is up 5¢ at $17.97. Miraculously, after all is said and done, gold at the moment is within $5 of its price last Friday. Silver is within a dime of where it began the week. It is as if nothing had happened over the past seven days.  Gold Newsletter’s Brien Lundin supports an argument we have made over the past few days in this report that there is much more levering precious metals prices higher than the geopolitical situation in the Persian Gulf. “[T]he gold rally,” he says, “began well before the missiles began to fly. Those gains came because investors were starting to appreciate the fact that the Fed has returned to QE, in a very big way.”

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