I see increasing desperation among the bullion banks which have built a huge position to short gold and silver just before BREXIT and the US GDP report only to see gold and silver increased in price.
Now, at every small opportunity to short the precious metals they are at it everytime such as a positive S&P, Nikkei and Dax reading and the recent ADP report which can diverge from the Non Farm Payroll due this Friday.
So expect to see some pressure on precious metals going into the Friday jobs report.
I think it will not be spectacular with a lower revision for June report. This is because the recent Manufacturing and Services reports are showing reduced jobs for construction and services.
Still, the headwinds are just short term and we should see the larger picture; ie: EU'S banking crisis, the US Presidential Elections and the geopolitical and economic crises worldwide.
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