UNITED STATES June 07 2017 12:40 PM
NEW YORK (Scrap Register): Citi Research sees precious metals peaking in the current quarter. Reluctant to pick up slack in the market, investor anxiety suggests further headwinds persist into the third quarter of this year.
Multi-year low price volatility for both gold and silver reinforce limited opportunity for investor participation and suggests little deviation from the current trend.
The bid for gold has remained intact since mid-May, driven by political uncertainty in the U.S. and U.K, with money managers adding to their net-long position in Comex gold futures.
Still, the bank continued, “absent a tail-risk event such as a non-Conservative majority [in the U.K.] prompting a safe-haven bid, we reiterate our view that the precious-metal complex may see prices peak in second quarter of 2017.”