Precious metals are ending the week stronger, with silver up 1.5% and gold up 0.75% today, while crude oil is down 1.25%. The pullback in crude has helped ease some of the inflation and interest-rate pressure that weighed on precious metals earlier in the week. Gold and silver have responded well, with silver once again outperforming gold today. Despite the volatility in outright prices, EFPs are relatively unchanged from yesterday, suggesting little change in the relationship between the CME and OTC markets. The Middle East remains an important wildcard. Any renewed move higher in crude could quickly bring inflation and interest-rate concerns back to the forefront, while continued weakness in oil could provide some relief for precious metals. Gold and silver continue to show resilience in a difficult macro environment. We still believe patience remains important. This continues to be a headline-driven market, and we will be watching crude, the dollar, interest rates, physical demand, ETF flows and EFPs closely for indications of the next move. Have a great weekend

Educational purposes and not investment advice.