4th October 2017

 We had very tight trading ranges in practically all the precious metals markets on Tuesday, as a slight weakening in the dollar and some short covering helped stabilize the various complexes. On the gold side, things were not helped by a Reuters report revealing that ETF holdings dropped by the highest amounts since late July between Friday and Monday. In other markets, base metals were higher on Tuesday, putting in a second consecutive day of gains. Elsewhere, oil, which fell sharply on Monday and likely exerted downward pressure on gold as well, ended roughly flat on Tuesday. Brent finished down by about $.12 to end at around $56 a barrel, while WTI fell by $.16 ahead of the EIA numbers out on Wednesday. API data out in the last few hours show that crude stocks fell more than expected (down by 4.1 million barrels) compared to estimates calling for a 756,000 barrel decrease.