Volatility in precious metals appears to be on the decline following several months of above average levels in the gold and silver markets, according to a recent note to clients from TD Securities.
Yesterday the spot price of gold posted its first set of consecutive days with single-digit moves since August 31 – September 1. Furthermore, the yellow metal has now closed between $1,750 and $1,800 on each of the past nine trading days.
In its report, TD Securities wrote that “Turnover was low in precious metals futures contracts…despite reasonable trading ranges – gold volume just 78k contracts versus the current average of 117k. There was very little in the way of news or economic data yesterday to drive us in either direction hence the lacklustre markets.”
The firm went on to say that “December option expiry is also fast approaching and traders have been winding down exposures. Front end vols failed to bounce despite the new trading week and selling in DEC should continue to pressure vols in gold and silver.”
Platinum Group Metals Reports New Discovery in South Africa
The Company noted that drilling is continuing and the drill program is being immediately expanded. The intercepts are located on the 137 square kilometer Waterberg Property and the new zone has a projected, potential strike length distance of 7 kilometers. Full Platinum Group Metals News Release.
- 3.47 grams per tonne (g/t) Platinum, Palladium and Gold (2 PGE+Au) over 3.5 meters at the T1 Reef
- 14.46 g/t 2PGE +Au over 2.0 meters at the T2 Reef (High grade zone)
- 7.00 g/t 2PGE +Au over 5.0 meters at the T2 Reef (Including high grade zone)
