By Peter Hug
Monday February 13, 2017 08:34
(Kitco News) - Gold has a slightly weaker bias, as equity markets continue to rally, as rhetoric on tariffs and currency manipulation has softened. Trump’s meeting with Abe from Japan appeared cordial and no aggressive comments were released on the possible currency manipulation by Japan, weakening its currency to stimulate exports. Trump meets with Trudeau today to discuss policy, as the market awaits any news on the future of America’s position with Canada, its largest trading partner. The industrial metals have gained further momentum, as the expected U.S. reflation trade should bolster demand. Traders are expecting silver to test the 65:1 ratio, at a minimum, which at current gold prices, suggests that silver is at least $1 below fair value. Gold support remains at the $1,220 level. Should silver break above the $18.25 level, it suggests a $19 print may be the near term target.
For queries, please contact William Gu at williamgu@smm.cn
For more information on how to access our research reports, please email service.en@smm.cn