Gold Down 0.6% In Week Despite Fed Injecting Another $88.1 Billion Overnight, Brexit Risks And Iran Missile Attack

◆ Gold is marginally higher today but 0.6% lower for the week at $1,499/oz despite a very positive back drop with increasing geopolitical, monetary and systemic risks

◆ Silver is again outperforming gold, recovering to $17.70/oz and is 0.5% higher for the week as smart money continues to accumulate undervalued silver; while palladium prices reached a new all-time record nominal high of $1,704.59/oz

◆ The Federal Reserve Bank of New York added another $88.1 billion to the U.S. financial system overnight to relieve deepening funding pressure in money markets and will soon reach the $1 trillion mark in terms of massive liquidity injections since mid-September

◆ This new form of QE in the repo market shows that foreign buyers are wary of the U.S. fiscal, economic and foreign policies and bond dealers are nervous regarding the outlook as U.S. budget deficits head back to $1 trillion per year

◆ Two rockets struck an Iranian tanker traveling through the Red Sea off the coast of Saudi Arabia this morning and Iran is pointing fingers at U.S. ally Saudi Arabia

*********