Wednesday, June 24, 2015

Greece Deal Rumors Send Dollar Soaring

In a continuation of the news from yesterday ( please keep in mind what I said about key markets being completely NEWS-DRIVEN at the moment ), the market is reacting to the potential for a deal between Greece and its creditors.

When the only thing keeping the safe haven trades alive begins to fade in importance to traders, they will dump them like a bad habit. That is what they are now doing to gold, bonds, the yen, and you might as well throw silver into the mix.

Silver in particular seems to be the be the most vulnerable here because all of the other industrial metals have been getting beaten with an ugly stick while it has managed to stay afloat. With copper, platinum and palladium falling apart, there is no fundamental reason for silver to stage any sort of strong rally. Without Greece, it loses its support.

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