The New Bre-X
|
||
|
The Fed finally raised rates and signaled a
willingness for additional raises in 2017, sending precious metals
lower and the dollar higher.
For the sixth straight week gold closed lower. It closed at $1,137, down approximately 2% for the week.
I’ve warned of lower prices and continue to
believe that we will see a price closer to $1,000 than $1,200 an ounce
before the year is over.
The dollar, meanwhile, enjoyed a 14-year high, a trend I see continuing in the near-mid term.
Silver was down approximately 4.7% for the
week, closing at $15.95 an ounce, its lowest price since June. Expect
lower silver prices as well.
Copper shed 3% last week, closing at
$2.57/lb. Platinum gained nearly 1%, closing at $921 an ounce while
palladium lost 6% for the week, closing at approximately $689 an ounce.
Oil managed a gain of approximately 0.3% as
West Texas Intermediate crude closed at approximately $51.65 a barrel.
Brent crude closed near the $55 a barrel mark and added nearly 1% for
the week.
Uranium is showing signs of life. The spot
price rallied from $18 to $22 and the juniors with the best assets and
management teams have finally started to catch a bid.
It appears we may have seen capitulation in
the uranium market and there are several names with attractive entry
points I have my eye on.
|
No comments:
Post a Comment