Crowded Trade Unwinding in Gold, Silver As Metals Extend Losses?
New York (Aug 8) Gold and silver prices continue to struggle as markets continue to digest last week’s strong employment report, which has some investors questioning whether or not it is time to get out. However, according to US Global Investors CEO Frank Holmes, this just might be another buying opportunity. Gold futures managed to hit a two-week low Monday, settling the day at $1,341.30 an ounce while September silver settled relatively flat on the day at $19.805. The jobs report, according to Holmes, was “just part of that noise cycle we’re dealing with. The threat that rates are going to rise in the U.S. will be short lived.”