$GLD and $SLV Prices as of August 13 2018 @moneymetals
8:02 AM
August 13, 2018 -- The U.S. dollar climbed to a one-year high relative to other world currencies on Friday, pressuring gold and silver prices lower.
Trouble in emerging markets – Turkey in particular – boosted demand for the greenback.
The Turkish lira crashed 15% lower following president Trump’s announcement that tariffs on steel and aluminum exports from that nation would be doubled.
The Commitment of Traders report does look favorable for the metals. The bullion bank short position in gold is at extreme lows, while speculators are heavily short.
If history is a guide, the banks are likely to let prices rally soon and give speculators a painful lesson on what actually drives the paper markets for gold and silver.
Check out live precious metals prices here:
https://goo.gl/sggYF1
Trouble in emerging markets – Turkey in particular – boosted demand for the greenback.
The Turkish lira crashed 15% lower following president Trump’s announcement that tariffs on steel and aluminum exports from that nation would be doubled.
The Commitment of Traders report does look favorable for the metals. The bullion bank short position in gold is at extreme lows, while speculators are heavily short.
If history is a guide, the banks are likely to let prices rally soon and give speculators a painful lesson on what actually drives the paper markets for gold and silver.
Check out live precious metals prices here:
https://goo.gl/sggYF1
0 comments