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Golden Minerals is a junior silver producer with a strong growth profile, listed on both the NYSE Amex and TSX.
Message: From today's Gartman Letter...... 10-28
From today's Gartman Letter...... 10-28
"Regarding the precious metals, the “industrially oriented, white” metals are under very real pressure. Gold is following, and all are moving lower as the dollar moves higher and as economic circumstances look to be “difficult” at best moving forward. Platinum, palladium and silver depend not only upon speculative purchases, but they depend too upon industrial offtake, and it is the latter that has them depressed this morning. In the great, broad scheme of things, spot gold trading down from $1070 to $1030 is really nothing material, but the fact that spot silver has traded down from $18.10 to $16.50 is far more serious.
The fact that platinum has also broken sharply adds to our concerns this morning, but we shall offer this one bit of technical hope: that the major trend in platinum’s favour shall hold so long as the spot price remains above $1290/ounce. We’ll watch with heightened interest then to what transpires in the platinum market. So too should everyone else."
"Regarding the precious metals, the “industrially oriented, white” metals are under very real pressure. Gold is following, and all are moving lower as the dollar moves higher and as economic circumstances look to be “difficult” at best moving forward. Platinum, palladium and silver depend not only upon speculative purchases, but they depend too upon industrial offtake, and it is the latter that has them depressed this morning. In the great, broad scheme of things, spot gold trading down from $1070 to $1030 is really nothing material, but the fact that spot silver has traded down from $18.10 to $16.50 is far more serious.
The fact that platinum has also broken sharply adds to our concerns this morning, but we shall offer this one bit of technical hope: that the major trend in platinum’s favour shall hold so long as the spot price remains above $1290/ounce. We’ll watch with heightened interest then to what transpires in the platinum market. So too should everyone else."
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