Precious metals aren't doing so well this week. But this is temporary, because what goes down, must come up. The current COMEX spot price for silver is shown above.
According to Coin News:
On Tuesday, for a second consecutive day, precious metals declined together, with losses ranging from 0.5% for palladium to 1.1% for platinum. Gold ended the day at a more than five-week low.
"Gold and silver prices are down and near daily lows in midday U.S. trading Tuesday. U.S. Treasury yields are on the rise and near multi-year highs, while the U.S. dollar index today scored a 6.5-month high. Both are bearish outside market forces constricting the precious metals bulls," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
In regards to silver, Coin News reported:
Meanwhile, silver for December delivery settled down 18.9 cents, or 0.8%, to $23.196 an ounce. The close was the weakest since Sept. 14. Silver futures ranged from $23.10 and $23.39. They dropped by 1.9% on Monday.
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