It was a choppy week in the Precious Metals after ten straight days of consolidation in the Gold market. What seemingly looked like a"breakout" on Thursday, after an uptick in initial claims, proved to be a"false breakout" when the People's Bank of China announced the conclusion of eighteen straight months of Gold purchases for its reserve. For reference, China began its Gold purchases in November 2022 when futures were in the $1650-$1700/oz range.
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