Blog posts tagged with 'palladium'

Gold eases on trade and ceasefire optimism, firmer dollar

OUTSIDE MARKET DEVELOPMENTS: Israeli PM Netanyahu met on Monday with President Trump, stoking optimism about a ceasefire in Gaza. Both Israel and Hamas have reportedly accepted a US-sponsored framework that begins with a 60-day ceasefire, but progress toward a permanent end to the fighting remains elusive.

As long as the two combatants are talking in Qatar, there is reason for hope. “I don’t think that I can give any timeline at the moment, but I can say right now that we will need time for this,” said Qatar’s foreign ministry spokesperson.

With the July 9 tariff deadline looming, the White House has ramped up pressure on trading partners that have not yet struck deals, but also provided additional time for negotiation. President Trump sent letters to at least 14 countries on Monday, including Japan and South Korea, notifying them that tariffs will take effect on August 1.

More letters are expected to go out this week. And Trump has vowed that there will be no extensions beyond August 1. We'll see...

The EU is rushing to make a preliminary trade deal with the U.S. this week to avoid a jump in tariffs from 10% to 50%. However, there are some disagreements within the bloc, as some member countries will benefit more than others.

Markets seem optimistic about an EU deal and liked that the deadline was pushed back several weeks. However, a fair amount of uncertainty prevails.

That uncertainty factored into the RBA's decision to buck expectations and hold steady on rates. "While the final scope of US tariffs and policy responses in other countries remains unknown, financial market prices have rebounded with an expectation that the most extreme outcomes are likely to be avoided," according to the policy statement.

Fed rate cut expectations have been tempered since last week's release of better-than-expected U.S. jobs data for June. While easing is still likely to resume later in the year, 50 bps of cuts are no longer fully priced in for year-end.

NFIB Small Business Optimism Index slipped 0.2 points to 98.6 in June, versus 98.8 in May.

Small business optimism remained steady in June while uncertainty fell. Taxes remain the top issue on Main Street, but many others are still concerned about labor quality and high labor costs. – NFIB Chief Economist Bill Dunkelberg

GOLD

OVERNIGHT CHANGE THROUGH 6:00 AM CT: -$12.41 (-0.37%)
5-Day Change: -$11.52 (-0.35%)
YTD Range: $2,607.16 - $3,495.89
52-Week Range: $2,352.28 - $3,495.89
Weighted Alpha: +36.65

Gold edged below $3,300, weighed by optimism on trade, potential for a ceasefire in Gaza, and a firmer dollar. However, price action remains well contained within last week's range and the broader consolidative pattern.



Secondary support at $3,256.02 (30-Jun low) may be the short-term attraction. The 100-day moving average has risen to the $3,200 zone, providing good intervening support ahead of the range low at $3,127.12 (15-May low).

However, ongoing central bank and investor demand underpins the market. Global ETFs saw 26.1 tonnes of inflows in the week ended 27-Jun. North American investors continue to lead the charge, adding 13.8 tonnes to holdings.

 

According to the World Gold Council, collective ETF holdings rose 397 tonnes to 3,616 tonnes in the first six months of the year. Total AUM surged 41% to $383 bln in H1.

Meanwhile, central banks bought a net total of 427 tonnes of gold in the first half of 2025. While that's slower than the record 483 tonnes bought in H1'24, official sector demand remains robust, and a recent survey of central bankers suggests that will continue.

A rebound above the midpoint of the range at $3,311.51 would return focus to today's overseas high at $3,344.27. Penetration of the latter would bode well for tests above $3,400. However, the 16-Jun high at $3,449.14 must be cleared to put the record high at $3,500 back in play.


SILVER

OVERNIGHT CHANGE THROUGH 6:00 AM CT: +$0.037 (+0.10%)
5-Day Change: +$0.691 (+1.92%)
YTD Range: $28.565 - $37.288
52-Week Range: $26.524 - $37.288
Weighted Alpha: +24.23

Silver dropped back to the 20-day moving average, weighed by the retreat in gold and a firmer dollar. However, optimism on trade provides some underpinning, and price action has been confined to Monday's range thus far. The gold/silver ratio remains near recent lows, just above 90.



Yesterday's failure to sustain gains above $37 presents some risk of a double top, but the confirmation point for that pattern is well protected at $35.369 (24-Jun low). Intervening support is marked by Monday's low at $36.201, which is fairly close to the midpoint of the recent range.

A move back above today's overseas highs at $36.864 would favor further tests above $37. The more substantial  $37.198/288 zone must be negated to bolster confidence in previously established upside objectives at $38.750 (Fibonacci) and $40 (psychological).


Peter A. Grant
Vice President, Senior Metals Strategist
Zaner Metals LLC
312-549-9986 Direct/Text
[email protected]
www.zanermetals.com

Non-Reliance and Risk Disclosure: The opinions expressed here are for general information purposes only and should not be construed as trade recommendations, nor a solicitation of an offer to buy or sell any precious metals product. The material presented is based on information that we consider reliable, but we do not represent that it is accurate, complete, and/or up-to-date, and it should not be relied on as such. Opinions expressed are current as of the time of posting and only represent the views of the author and not those of Zaner Metals LLC unless otherwise expressly noted.

Gold eases as NFP beat spurs risk appetite

OUTSIDE MARKET DEVELOPMENTS: GOP House leadership worked through the night to whip support for President Trump's signature "big, beautiful bill." House minority leader Hakeem Jeffries has been holding the floor for hours in an effort to delay the vote, suggesting the votes are indeed there.

President Trump claimed last night that the "Republican House Majority is UNITED." Passage of the 1BBB would be a huge win for him. Trump is keen to sign the bill into law on Independence Day.

June jobs data suggest that the U.S. labor market remains robust. Nonfarm payrolls rose 147k, beating expectations of 113k. The unemployment rate unexpectedly dropped to 4.1% from 4.3% in May.

The resilience of the jobs market is suggestive of the underlying strength of the broader U.S. economy. The rest of today's economic data was pretty good as well, keeping risk appetite underpinned.

Rate cut expectations were trimmed in reaction. The probability of a July cut plunged to 4.7% following the NFP report, from 23.8% on Wednesday. Fed funds futures continue to suggest potential for 50 bps in easing by year-end.

Trade optimism was bolstered after President Trump announced a trade deal with Vietnam on Wednesday. Additionally, the U.S. and India are reportedly sprinting to get a deal done ahead of the July 9 deadline.

Nonfarm Payrolls rose 147k in June, above expectations of 113k, versus a revised 144k in May (was 139k). The unemployment rate fell to 4.1% from 4.2%. Hourly earnings rose 0.2% on expectations of +0.3%, versus +0.4% in May. The workweek ticked down to 34.2 hours.

Initial Jobless Claims fell by 4k to 233k in the week ended 28-Jun, below expectations of 240k, versus a revised  237k in the previous week (was 236k). Continuing claims were steady at 1,964k in the 21-Jun week.

Trade Deficit widened to -$71.5 bln in May, in line with expectations, versus a revised -$60.3 bln in April (was -$61.6 bln).

S&P Global Services PMI was revised down to 50.9 for May, from a preliminary print of 53.1, versus 53.7 in April.

Services ISM rose 0.9 points to 50.8 in June, in line with expectations, versus 49.9 in May. Prices moderated to 67.5 from 68.7 in May.

Factory Orders surged 8.2% in May, just above expectations of +8.1%, versus a revised -3.9% in April (was -3.7%). 


GOLD

OVERNIGHT CHANGE THROUGH 6:00 AM CT: -$4.07 (-0.12%)
5-Day Change: +$4.83 (+0.15%)
YTD Range: $2,607.16 - $3,495.89
52-Week Range: $2,352.28 - $3,495.89
Weighted Alpha: +39.22

Gold has retreated into the range after the NFP beat took a July rate cut off the table and spurred risk appetite. Yields and the dollar are higher, putting additional pressure on the yellow metal.



With the 1BBB seemingly on track for passage and heightened optimism on trade, risk-on sentiment seems likely to remain elevated into the week ahead. Diminished haven interest in gold may lead to renewed probes below $3,300, although the 50-day moving average is containing the downside thus far.

More substantial support is found at $3,256.02/51.28. The 100-day moving average will rise to the $3,200 zone next week, and provides an additional barrier ahead of the range low at $3,127.12.

Today's Asian high at $3,364.27 is now the important short-term resistance level. Penetration would put gold back above the 20-day MA and return confidence to the scenario that calls for renewed tests above $3,400. A breach of the 16-Jun high at $3,449.13 is needed to clear the way for a run at fresh record highs. 


SILVER

OVERNIGHT CHANGE THROUGH 6:00 AM CT: +$0.351 (+0.96%)
5-Day Change: +$0.102 (+0.28%)
YTD Range: $28.565 - $37.288
52-Week Range: $26.524 - $37.288
Weighted Alpha: +23.54

Silver probed back above $37 in overseas trading, favoring a retest of important resistance at $37.288/430. The white metal is outperforming today on trade optimism and some belief that passage of the 1BBB will further stimulate the U.S. economy.



Penetration of $37.288/430 would put silver at 14-year highs and boost confidence in the $38.750 Fibonacci objective. Beyond that, $40 attracts.

A drop in the gold/silver ratio below 90 would bode well for a return to the 88 level. At that point, even if gold remains in the recent range, silver could reach $40.

The post-NFP intraday low at $36.474 now marks first support and protects the more important $36.367/362 level, where the 20-day MA corresponds with the low for the day. Congestive support around $36, stands in front of Monday's low at $35.610. The short-term range low at $35.369 looks well protected at this point.


Peter A. Grant
Vice President, Senior Metals Strategist
Zaner Metals LLC
312-549-9986 Direct/Text
[email protected]
www.zanermetals.com

Non-Reliance and Risk Disclosure: The opinions expressed here are for general information purposes only and should not be construed as trade recommendations, nor a solicitation of an offer to buy or sell any precious metals product. The material presented is based on information that we consider reliable, but we do not represent that it is accurate, complete, and/or up-to-date, and it should not be relied on as such. Opinions expressed are current as of the time of posting and only represent the views of the author and not those of Zaner Metals LLC unless otherwise expressly noted.

Gold remains range-bound awaiting Thursday's jobs report

OUTSIDE MARKET DEVELOPMENTS: The House is slated to begin considering the Senate version of the 1BBB today. “Yeah, I’m not happy with what the Senate did to our product, but we understand this is the process. It goes back and forth, and we’ll be working to get all of our members to ‘yes,’” said Speaker of the House Mike Johnson.

Given the size and scope of the legislation, there is still a fair amount of uncertainty about the longer-term fiscal implications. The bill includes a $5 trillion increase to the debt ceiling, and let's be honest, there's never been a debt ceiling that we haven't reached and exceeded.

The ADP Survey showed private payrolls unexpectedly contracted in June, weighed by losses in the services sector. It was the first negative print since March 2023 and the biggest drop since the pandemic.

The ADP miss creates some downside risk for tomorrow's NFP report and has prompted an uptick in rate cut expectations. Potential for a 25 bps rate cut at this month's FOMC meeting edged up to 24.3% from 20.7% yesterday.

Tariff concerns are ratcheting higher ahead of next week's trade-deal deadline. President Trump maintains he will not extend the deadline, and deals have not been reached with a number of key trading partners. 

President Trump says that Israel has agreed to the terms of a 60-day ceasefire, and urged Hamas to do the same. “I hope, for the good of the Middle East, that Hamas takes this Deal, because it will not get better — IT WILL ONLY GET WORSE,” he said via TruthSocial.

MBA Mortgage Applications rose 2.7% in the week ended 27-Jun, versus +1.1% in the previous week. The 30-year mortgage rate fell to a 12-week low of 6.79%.

Challenger Layoffs fell 45.8k to 48.0k in June, versus 93.8k in May.

ADP Jobs Survey dropped 33k in June, below expectations of +110k, versus a downwardly revised +29k in May (was +37k). 


GOLD

OVERNIGHT CHANGE THROUGH 6:00 AM CT: +$5.91 (+0.18%)
5-Day Change: +$6.47 (+0.19%)
YTD Range: $2,607.16 - $3,495.89
52-Week Range: $2,327.87 - $3,495.89
Weighted Alpha: +39.55

Gold is modestly higher, underpinned by trade and fiscal worries that are weighing on risk appetite. A firmer dollar is limiting the upside as the trade awaits tomorrow's jobs report.



An NFP miss could further boost rate cut expectations, providing some lift for gold heading into the holiday weekend. While a July cut still seems unlikely, an indication of weakness in the labor market would likely put September in play.

At this point, the yellow metal remains entrenched in the well-defined range. Recent price action has straddled the midpoint of that range. Trading since the record high was established in late April still appears to be a continuation pattern within the long-term uptrend.

A push back above the 20-day moving average at $3,348.89 would favor short-term tests above $3,400. A breach of the 16-Jun high at $3,449.13 is needed to clear the way for a run at new record highs.

On the downside, Monday's low at $3,256.02 reinforced the significance of support at $3,251.28 (29-May low). The rising 100-day moving average should reach the $3,200 zone next week and help keep the range low at $3,127.12 at bay.


SILVER

OVERNIGHT CHANGE THROUGH 6:00 AM CT: +$0.287 (+0.80%)
5-Day Change: +$0.120 (+0.33%)
YTD Range: $28.565 - $37.288
52-Week Range: $26.524 - $37.288
Weighted Alpha: +21.82

Silver is probing back above the 20-day moving average, although more serious tests of the upside are unlikely until the NFP report comes out tomorrow. Today's uptick in the dollar is seen as limiting upside potential.



A breach of last week's high $36.759 would clear the way for another run at the $37.288/430 zone. A breach of the latter would lend credence to the bullish scenario that targets the $38.750 Fibonacci objective, with potential to $40.

Today's overseas low at $35.918 bolsters Tuesday's low at $35.823, providing some protection for Monday's low at $35.610. The short-term range low at $35.369 is currently well protected.


Peter A. Grant
Vice President, Senior Metals Strategist
Zaner Metals LLC
312-549-9986 Direct/Text
[email protected]
www.zanermetals.com

Non-Reliance and Risk Disclosure: The opinions expressed here are for general information purposes only and should not be construed as trade recommendations, nor a solicitation of an offer to buy or sell any precious metals product. The material presented is based on information that we consider reliable, but we do not represent that it is accurate, complete, and/or up-to-date, and it should not be relied on as such. Opinions expressed are current as of the time of posting and only represent the views of the author and not those of Zaner Metals LLC unless otherwise expressly noted.

Gold rebounds back into the upper half of the range, spurred by rising trade tensions

OUTSIDE MARKET DEVELOPMENTS: The U.S. is ramping up pressure on its trading partners ahead of the July 9 tariff-hike deadline. "We have countries that are negotiating in good faith, but they should be aware that if we can't get across the line because they are being recalcitrant, then we could spring back to the April 2 levels," said Treasury Secretary Bessent.

President Trump has indicated that he will not extend the tariff pause. He is now threatening to halt negotiations with Japan over stalled talks, a tactic he has already used to get Canada to rescind a digital service tax.

The Senate has passed the "big, beautiful bill" with VP Vance casting the tie-breaking vote. The legislation now returns to the House, where a handful of Republicans have already expressed displeasure with the Senate changes, raising doubts about swift passage.

Speaker Johnson is hoping for a House vote on Wednesday. "We're going to pass this bill one way or the other," said Johnson. He seems optimistic that it will be on President Trump's desk by July 4.

At a central bank forum in Spain, Chairman Powell suggested the Fed would have cut rates this year if not for President Trump's tariff policies. “A solid majority of (Fed officials) do expect that it will become appropriate later this year to begin to reduce rates again,” Powell said. He would not take July off the table, but the market still sees a cut this month as unlikely.

Russia launched its biggest aerial attack on Ukraine since the war began on Sunday. Russia also reportedly captured additional territory in the Donetsk region, but at a high cost.

Iran is attempting to set the terms of renewed negotiations on its nuclear program. Iran's foreign minister says the U.S. must rule out more strikes, and does not appear optimistic that talks with the U.S. will resume anytime soon.

S&P Global Manufacturing PMI was revised up to a 37-month high of 52.9 in June, versus a flash estimate of 52.0 and 52.0 in May. June marks the seventh straight month above 50.

Manufacturing ISM rose to 49.0 In June, above expectations of 48.9, versus 48.5 in May. Prices rose to 69.7 from 69.4 in May.

Construction Spending fell 0.3% in May, below expectations of +0.1%, versus a revised -0.2% in April (was -0.4%).

JOLTS Job Openings rose to a six-month high of 7,769k in May, above expectations of 7,300k, versus 7,395k in April.

RCM/TIPP Economic Optimism Index slipped to 48.6 for July, below expectations of 50.1, versus 49.2 in June. "Concerns about inflation, the impact of tariffs, and an economic slowdown persist. Food prices are the #1 economic concern for Americans," said Raghavan Mayur, president of TechnoMetrica.


GOLD

OVERNIGHT CHANGE THROUGH 6:00 AM CT: +$45.72 (+1.38%)
5-Day Change: +$30.25 (+0.91%)
YTD Range: $2,607.16 - $3,495.89
52-Week Range: $2,320.72 - $3,495.89
Weighted Alpha: +40.38

Gold eked out a fifth straight higher monthly close in June, keeping the technical tilt to the upside. The yellow metal has moved back above the midpoint of the range, buoyed by heightened risk aversion and a fresh three-year low in the dollar index.



Today's gains come after corrective action early in the week stalled ahead of support at $3,251.28 (29-May low). The rising 100-day moving average should reach the $3,200 zone this week and help keep the range low at $3,127.12 at bay.

Despite recent consolidative action within the range, global ETFs saw net inflows of 15.8 tonnes last week. It was the fifth straight week of net inflows with North American investors leading the charge.

 

Citigroup reports that U.S. consumers are spending more on luxury jewelry, while eschewing luxury handbags and clothing. “Perhaps the piece of jewelry gives you superior intrinsic value given the precious metals content and superior emotional value and meaning,” Citi analyst Thomas Chauvet told CNBC.

“It is probably sensible to buy a Cartier bracelet now, given they have increased prices by less than 5% since the beginning of 2025, when gold prices have appreciated by over 25%,” he said. Given the longer-term bullish outlook for gold, a piece of gold jewelry seems far more likely to appreciate over time than a handbag.

While gold maintains high cultural status in China, Heraeus suggests that record-high prices are shifting some jewelry demand to platinum. The platinum "jewellery fabrication revival in China [is] attracting strong imports into China from platinum-producing nations," according to this week's Precious Appraisal.

A close back above the 20-day moving average at $3,350.46 would bode well for short-term tests above $3,400. A breach of the 16-Jun high at $3,449.13 is needed to clear the way for a run at fresh record highs. 


SILVER

OVERNIGHT CHANGE THROUGH 6:00 AM CT: +$0.398 (+1.10%)
5-Day Change: +$0.454 (+1.26%)
YTD Range: $28.565 - $37.288
52-Week Range: $26.524 - $37.288
Weighted Alpha: +21.75

Silver ended June with a 9.4% monthly gain. It was a second straight monthly gain and the best performance since March. The white metal has been underpinned by strong gold, but a much-needed correction in the gold/silver ratio, strong demand, tight supply, and a weak dollar.



Silver probed back above the 20-day moving average today, but met some selling interest up there. At this point, the short-term range is pretty well defined as $37.288/$35.369.

I continue to favor the upside based on everything noted in my first paragraph. A breach of last week's high $36.759 would clear the way for another run at the $37.288/430 zone. A breach of the latter would confirm potential to the $38.750 Fibonacci objective. Beyond that, $40 attracts.


Peter A. Grant
Vice President, Senior Metals Strategist
Zaner Metals LLC
312-549-9986 Direct/Text
[email protected]
www.zanermetals.com

Non-Reliance and Risk Disclosure: The opinions expressed here are for general information purposes only and should not be construed as trade recommendations, nor a solicitation of an offer to buy or sell any precious metals product. The material presented is based on information that we consider reliable, but we do not represent that it is accurate, complete, and/or up-to-date, and it should not be relied on as such. Opinions expressed are current as of the time of posting and only represent the views of the author and not those of Zaner Metals LLC unless otherwise expressly noted.

Gold heads for a second straight lower weekly close on diminished haven bid

OUTSIDE MARKET DEVELOPMENTS:  The U.S. and China have confirmed that the framework for a trade deal has been agreed to, further stoking risk appetite heading into the weekend.

Citing a Ministry of Commerce spokesperson, Chinese state media reports that "China will review and approve applications for the export of eligible controlled items in accordance with the law, and the US will remove a series of restrictive measures imposed on China accordingly."

Arguably, a deal with China significantly dials back trade war risks and creates momentum for the Trump administration. Commerce Secretary Howard Lutnick said that ten more trade deals are in the offing, with the President keen to finalize them by the July 9 deadline. 

The Israel/Iran ceasefire continues to hold, which has significantly diminished geopolitical risks this week. U.S. special envoy Steve Witkoff said earlier in the week that the White House is seeking a “comprehensive peace agreement.” Economic incentives are reportedly being discussed to get Iran back to the negotiating table.

Witkoff also hinted that a number of additional Middle East countries would be joining the Abraham Accords, normalizing relations with Israel. Then, out of left field, the White House announced that it had brokered a peace deal between Rwanda and the Democratic Republic of Congo.

President Trump's “big, beautiful bill” has stalled in the Senate after the Parliamentarian determined that the provision that cuts billions of dollars in federal Medicaid payments violated the Byrd Rule. That means the legislation can no longer be passed with a simple majority.

Even if the Senate can pass its version of the bill, it's not clear if the House will sign off on the amended version. Getting the “big, beautiful bill” to President Trump's desk by Independence Day appears to be increasingly unlikely.

Personal income and PCE unexpectedly dipped in May. While the Fed's preferred measure of inflation ticked higher, price risks remain well anchored.

While geopolitical, trade, and growth risks have moderated, leading to risk-on sentiment every day this week, U.S. fiscal uncertainty remains a concern. On top of that, Fed easing later in the year is looking increasingly likely. 

Personal Income fell 0.4% in May, below expectations of +0.3%, versus a revised +0.7% in April (was +0.8%).

PCE -0.1% in May, on expectations of +0.2%, versus +0.2% in April.

PCE Price Index rose 0.1%, in line with expectations, versus +0.1% in April; 2.3% y/y, up from 2.3% in April. Core +0.2% on expectations of +0.1%, versus +0.1% in April; 2.7% y/y, up from 2.6% in April.


GOLD

OVERNIGHT CHANGE THROUGH 6:00 AM CT: -$42.62 (-1.28%)
5-Day Change: -$94.34 (-2.97%)
YTD Range: $2,607.16 - $3,495.89
52-Week Range: $2,319.85 - $3,495.89
Weighted Alpha: +38.98

Gold has fallen to four-week lows as ebbing geopolitical, trade, and growth risks sap the haven bid. The yellow metal is poised for a second consecutive lower weekly close.



Rising expectations of Fed easing are further stoking risk-on sentiment, to the detriment of the yellow metal. Nonetheless, gold remains well within the range that has been in place since mid-May, with U.S. fiscal uncertainty and a weak dollar providing some underpinning.

The breach of support at $3,299.77/97.69 amounts to a convincing move into the lower half of the range. Secondary support at $3,251.28 (29-May low) was approached, but has contained the downside thus far. Penetration of this level would leave gold vulnerable to the $3,200 zone.

Despite today's setback, the dominant trend is still perceived to be bullish. A rebound into the upper half of the range, above $3,311.51 would return a measure of confidence to that trend.

Important resistances for the week ahead are noted at $3,355.11 (20-day MA), $3,391.95 (Monday's high), and $3,400.00/01.45 (minor). Last week's high at $3,449.13 marks a more important barrier that protects the record high around $3,500.00.


SILVER

OVERNIGHT CHANGE THROUGH 6:00 AM CT: -$0.660 (-1.80%)
5-Day Change: +$0.074 (+0.21%)
YTD Range: $28.565 - $37.288
52-Week Range: $26.524 - $37.288
Weighted Alpha: +26.56

Silver fell back below $36, weighed by heightened risk appetite that knocked gold to four-week lows. However, the white metal is clinging to a weekly gain with help from continued signs of a resilient U.S. economy and a weak dollar.



The brief intraday probe below the 20-day moving average could not be sustained, leaving more important chart supports at $35.707 and $35.369 protected. I'll be watching the 20-day ($36.150) on a close basis today.

A rebound above Thursday's high at $36.759 is needed to clear the way for renewed tests above $37. The $37.288/430 zone must be cleared to perpetuate the uptrend and shift focus to the $38.750 Fibonacci objective. Beyond the latter, $40 attracts.


Peter A. Grant
Vice President, Senior Metals Strategist
Zaner Metals LLC
312-549-9986 Direct/Text
[email protected]
www.zanermetals.com

Non-Reliance and Risk Disclosure: The opinions expressed here are for general information purposes only and should not be construed as trade recommendations, nor a solicitation of an offer to buy or sell any precious metals product. The material presented is based on information that we consider reliable, but we do not represent that it is accurate, complete, and/or up-to-date, and it should not be relied on as such. Opinions expressed are current as of the time of posting and only represent the views of the author and not those of Zaner Metals LLC unless otherwise expressly noted.