The US markets just closed up a pivotal shortened trading week in the precious metals sector (with markets closed on Friday in observance of the Independence Day holiday; because the USA turns 250 years old on Saturday, July 4th).

• The market pivoted from June to July, and from Q2 to Q3, but also H1 to H2.
• This was an interesting week of book-squaring to close out the 2^nd quarter, and new positions coming into the 3^rd quarter.
• Additionally, some financial institutions have a fiscal year that begins at the midway point of the year, and they may have done some portfolio shuffling as well…

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