Gold, silver down as bulls run out of gas – by Jim Wyckoff (Kitco News – December 5, 2023)

(Kitco News) – Gold and silver prices are lower in midday U.S. trading Tuesday, on follow-through technical selling following big losses suffered Monday. On Monday gold spiked to a new record high of $2,152.30, basis February Comex futures.

Silver hit a seven-month high Monday. Monday’s price action in gold and silver suggests the bulls quickly became exhausted and that near-term market peaks are in place. February gold was last down $9.30 at $2,032.90. March silver was last down $0.492 at $24.41.

Bearish for the gold and silver markets early this week is a rebound in the U.S. dollar index. Asian and European stock markets were mixed to weaker in overnight trading. U.S. stock indexes are slightly lower near midday.

Moody’s credit rating agency today cut its outlook on China’s credit rating from stable to negative amid the weakening economic growth outlook and property sector problems in the country. Moody’s currently rates China’s sovereign debt at A1.

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