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Traders Continue To Square In Final Week

Year-end book squaring remains the driver in the commodity markets this week. After last week’s move higher due to profit taking and holiday weekend squaring, the commodity index is giving back some gains. The drop in oil prices overnight has re-asserted some pressure on the gold and silver markets and although a softer tone may be expected this week, the metals should remain in a relatively tight range as the world gets ready to ring in 2016. Gold should be contained in the $1,062- $1,078 parameter. The market remains thin.

By Peter Hug, Kitco Metals Global Trading Director; phug@kitco.com

 

 

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
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