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Market Report: PMs Rally on US Politics

by Alasdair MacLeod
Gold Money

After establishing some support last week, precious metals continued their rally this week, with Wednesday being especially strong.

[…] At its best, gold hit an intraday high of $1265 before trading down to $1247 yesterday (Thursday) and rallying to $1251 in early European trade this morning. Silver, on the same time scale, fell from its mid-week high of $17.04, trading down to $16.45, before rallying to $16.73 this morning.

After a particularly pernicious slide, gold and silver were due for some consolidation anyway. As I wrote in last week’s report, on a technical basis, a rally to test overhead supply for gold at $1250 seemed likely ($16.95 for silver), and that happened rather rapidly.

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