Diamond News Archives
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The U.S. Dollar Index managed to settle below the support level at 96 and is trying to get to the test of the support at 95.75. In case the U.S. Dollar Index declines below 95.75, it will head towards the 50 EMA at 95.55 which will be bullish for silver and gold price today. Weaker dollar is bullish for precious metals as it makes them less expensive for buyers who have other currencies.
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Gold futures on Thursday finished higher, despite firmness in the U.S. dollar and a rally in stocks that took the Dow Jones Industrial Average DJIA and the S&P 500 SPX to intraday records, as investors became less concerned about the omicron variant of COVID slowing economic growth.
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Potential for higher volatility may push investors to gold as a potential hedge against heightened market risks
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Central banks around the world are increasing the gold they hold in foreign exchange reserves, bringing the total to a 31-year high in 2021.
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The bottom line on all this is a setup so bullish in silver so as to defy words. I still stick by my contention that if the big 4 COMEX shorts don’t add aggressively to short positions on the next silver rally, we will be off the races and that Bank of America will be the big loser. For every dollar silver moves higher, it stands to lose $500 million or more. This new OCC data only adds more bullish fuel to the coming silver fire.
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