Two Things to Watch in Gold and Silver and the Platinum Seasonal
Posted: June 21, 2023, 7:01 a.m.
PHIL: Good Morning. It's Thursday, June 21, just before 6:00 a.m. central time, and I'm Phillip Streible, Chief Market Strategist at Blue Line Futures, giving you another Precious Metals minute. Overnight precious metals were under pressure, led by Platinum, down 1% at $957 Gold futures are down $2 at 1946 Silver futures are down 10 cents at 23.14 Copper futures are down 2 cents at $3.86 Remember, Platinum has sold off 14 out of the past 15 years, where you sell Platinum on or around June 11 and cover on June 24 with an average decline of $40. June 11 was around $1000 this year, and today we are trading at $960.
Overnight news U.K. inflation data exceeded expectations, and the Pound traded up to 1.2816 before reversing lower, and that was when Gold and Silver reached their lows. The Bank of England has an interest rate decision tomorrow and could be a precursor to what the Fed does. The dot plot continues to show two more rate hikes by the Fed later in the year. What we are watching today is Jerome Powell will testify for the House Financial Services Committee, followed by two more central bank speakers. Resistance in Gold is at 1960, and support comes in at 1925. Watch Silver test the $23 handle and if broken could trade down to $22.75.
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