February 20, 2012 at 13:53 PM EST
Dillon Gage Executive VP Offers Insights into the Precious Metals Market
(PRBuzz.com) February 20, 2012 -- Dillon Gage Metals is proud to offer the following insights into the precious metals market from Roy Friedman who has over 30 years of in depth experience in all facets of precious metals. Mr. Friedman is Executive Vice President of Business Development for the firm. Dillon Gage Metals is one of the largest precious metals dealers in the United States.
Mr. Friedman says, Precious metals have had another volatile week, with the news out of Greece and U.S. economic figures being the key drivers. As the situation in Greece continues to evolve, debt concerns and civil unrest along with a stronger USD drove prices to their lows of the week very early Thursday morning, before the markets opened in the U.S. With the market appearing vulnerable to further losses and a dip below $1,700.00 in gold appearing imminent, additional pressure was also coming from European and U.S. equities which were down over one percent in electronic trading. The release of U.S. economic data on weekly jobless claims, housing starts and the Philly Fed Manufacturing Index, all came in better than expected and supported both commodity and equity markets. As gold held support at $1,705.00, it spent the rest of the day in rally mode as the day ended in the low $1,730.00′s. Silver followed suit and rallied almost $1.00 from the intraday lows, to trade back up to $33.60.
As we approach the end of the trading week, prices are basically unchanged from Monday's start. Gold is likely to continue in its role as the leader of the pack with support now standing at $1,720.00 and $1,705.00, while resistance will be found at $1,740.00 and $1,755.00. Look for the gold / silver ratio to continue trading between 51 and 52 as silver follows gold's path. Having seen the dip in prices, albeit not the dip I was looking for in Tuesday's commentary, the picture for precious metals is cloudy and difficult to forecast in the short term. I continue to advocate buying the dips as downside risk looks limited to me while gains on the upside could be significant both in the short and long term.
Monday is a Federal Holiday, so the U.S. Banking system will be closed. However, the electronic trading platform will be open for a shortened day, so there will be precious metals trading in the U.S. and Dillon Gage will be open.
Mr. Friedman's commentaries can be found on the Dillon Gage Metals blog, http://dillongageblog.com twice a week with additional commentaries written as market events dictate.
Dillon Gage Metals offers bullion trading, online trading of physical metal and futures, jewelry trading and liquidation, refining services, and rare coins and estate liquidations.
Dillon Gage Incorporated of Dallas (dillongage.com) was founded in 1976. Its affiliated companies include:
About Dillon Gage Metals
Dillon Gage Inc. (DillonGage.com) was founded in 1976, and its services include:
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