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Precious metals with more exposure to industrial demand, and with a smaller beta to monetary policy and safe-haven flow, felt the most pain during the liquidity selling, as economists at TD Securities note.

Key quotes 

“The weakness yesterday was enough to shift momentum signals in both silver and platinum, although the bearish flip remains weak.”

“Silver prices need to fall $14.63/oz to confirm the signal, while platinum is trading in whipsaw territory, with prices above $805/oz signaling a reversal of recent selling by CTAs.”

 

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