Steep Slide In Oil Is “Unsettling” The Marketplace– Jim Wyckoff

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The significant drop in oil prices has caught the market’s attention and Kitco’s Jim Wykoff is here to explain what impact the drop will have on gold. On the whole, Wyckoff said that he is optimistic about the gold market as Tuesday’s rally was “constructive” and a “bullish near-term development” as prices hit a six-week high. However, he adds that the bulls have more work to do in the near-term to suggest that the bottom is in for gold and silver. He says that the decline in oil is a doubled edged-sword as lower gasoline prices will give consumers more purchasing power, but the drop itself has spooked markets. “[The decline] suggests that we may be entering a period of price deflation and price deflation is an enemy of all markets practically,” he says. Tune in now to see how he sees the gold market set up as the U.S. dollar remains strong and what market ratings he is giving both gold & silver this week. Kitco News, December 11, 2014.

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