While global equity markets were higher overnight and produced a measure of risk on sentiment, economic news overnight was generally discouraging with European and factory activity contracting last month while Chinese June PMI readings marginally improved but were heavily offset by a survey predicting "gloom to spread from weak Chinese growth".
Fortunately for the bull camp, the dollar is showing only minimal strength as a 10th straight daily outflow from gold ETF holdings highlights a market still out of favor with investors. Gold holdings year-to-date are now down 1.2%!
Silver ETF holdings also declined last week by 1.86 million ounces and are fractionally lower year-to-date...[MORE]
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