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Weekly Gold Market Review For November 27

from Gold Silver Worlds:

In his weekly market review, Frank Holmes of the summarizes this week’s strengths, weaknesses, opportunities and threats in the gold market for gold investors. Gold closed the week at $1,057.98 down $19.90 per ounce (-1.85%). Gold stocks, as measured by the NYSE Arca Gold Miners Index, lost 0.03%. Junior miners outperformed seniors for the week as the S&P/TSX Venture Index climbed 0.14 percent. The U.S. Trade-Weighted Dollar Index gained 0.47 percent for the week.

Gold Market Strengths

Silver was the best performing precious metal this week with a slight decline of 0.6%. Short sellers apparently did not care if silver traded lower as over 18,000 gold contracts, or $1.9 billion notional, was dumped in overnight markets.


James Steel, chief precious metals analyst at HSBC, sees gold’s trading range at $1,025 to $1,275 for 2016, according to a November 24 report. Further 2016 forecasts from Steel include demand exceeding total supply, mine production falling and jewelry demand climbing.

The U.S. Mint has sold out of its 2015 one-ounce American Eagle gold coins, according to Bloomberg. In an email statement this week, the Mint confirmed that inventories have been depleted and no additional 2015-dated coins will be produced.  According to bullion traders, the purchase of gold jewelry for wedding season demand, along with a firm global trend, contributed to a recovery in the price of the precious metal earlier this week.  Silver bounced back a bit as well on increased offtake by industrial units and coin makers.

Gold Market Weaknesses

Precious metals funds posted their biggest outflows in almost 17 weeks, according to Bank of America Merrill Lynch, who said investors pulled out $1.0 billion in the four trading sessions to Tuesday. On the flip side, investors continue to pour money into money market funds – a net $12 billion brings the accumulated inflow to a “huge $132 billion in eight weeks,” reported BAML.

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