Money Metals Exchange - Welcome to this week's Market Wrap Podcast, I'm Mike Gleason.
Coming up you'll hear a wonderfully fascinating interview from Michael Rivero of WhatReallyHappened.com. Michael offers perspectives you won't hear anywhere else on a range of topics -- including the possibility of a war erupting in Greece, the War on Cash, concerns over fake gold and many other topics. You will not want to miss my interview with Michael Rivero, coming up in just a moment after this week's market update.
A rising U.S. dollar put downward pressure on hard assets this week. The U.S. Dollar Index rose to a three-month high as investors moved out of the euro. Eurozone finance ministers put together a new 7 billion euro bailout package for Greece. But the troubles for Greece are far from over. Its future in the Eurozone is far from certain. The future viability of the euro as a regional currency is also far from certain.
As the credibility of fiat currencies comes undone, precious metals are a logical place for investors to seek refuge. For the time being, however, that's not happening, at least not in the futures markets where spot prices are set. But the flight to gold and silver is happening in a BIG WAY in the retail bullion market. We've seen record sales so far in July, leaving some dealers scrambling for inventory.
Meanwhile, gold prices are now at a critical support level near last fall's low. As of this Friday morning recording, gold trades at $1,133 an ounce, down another 2.7% for the week. Silver also took a beating this week, off 3.8% through Thursday's close at $15.00 an ounce. The white metal is drifting lower again today and is now hovering around Tuesday's low point and currently trades at $14.91, for a weekly loss of 4.5%.
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Posted 07/18/2015 5:49 pm
