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Oil Crushed; Metals Fighting

Commentaries & Views

Wednesday saw the continuation in the beat-down in oil, as not even a bullish report could stop the bleeding in oil. Wednesday’s EIA report showed less of a build and oil fell over $1, bringing lows not seen since before the OPEC manipulation move.

Late Wednesday, metals rallied back marginally and are slightly higher Thursday morning but well off their highs. Both gold and silver look like they may have found some support, making rounding bottoms at $1,240 gold and $16.40 silver. 

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 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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