Silver, Nat Gas Up, Gold, Copper Down, Crude Oil Flat/Unch
$GLD, $SLV, $JJC, $USO, $UNG
- Aug WTI Crude Oil closed flat to unchanged at 52.77 bbl
- Nat Gas finished +1.8% at 2.77 MMBtu,
- Sept COMEX Copper traded off a bit at 2.54 lb
- Aug Gold down 0.1% at 1158.40 oz
- Sept Silver up 1% at 15.49 oz
Commentary
Commodities analysts are mixed as to the impact lower geopolitical tensions will have on Gold and Silver market.
Despite the negative close this week, optimism is coming back to the Gold market. After 5 straight weekly Bearish outlooks, retail investors have turned Bullish, thought professionals are still mixed, according to the Wall Street vs Main Street Weekly Gold Survey.
This week, 538 people participated in the survey. Of those, 289, or 54%, expect to see higher Gold prices (Bullish) next week, 200, or 37%, see lower (Bearish) prices, and 49, or 9%, are Neutral.
In the professional market survey, out of 33 experts contacted, 20 responded: 8, or 40%, said they are Bullish, 7, or 35%, are Bearish, and 5, or 25%, are Neutral Gold.
Professional participants include: bullion dealers, investment banks, futures traders and technical analysts.
Shayne Heffernan PhD, HeffX-LTN chief economist is Bullish Gold and Silver as the market showed some intra-day strength during this week’s selloff. And that the capitulation seen early in the week may indicate that prices are putting in a bottom.
Have a terrific weekend.
HeffX-LTN
Paul Ebeling
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