Gold and silver price per ounce values moved ahead on Tuesday but fell off a
bit through Wednesdays trading. The Market took a hit on Tuesday as the three
major indicators fell off. The clashing of forces between North and South Korea
grouped with the increasing worries regarding the European debt crisis and the
Federal Reserves report that economic recovery in America would be a slow and
extended process all tied together to cause negative trending on this day for
index values. As a result on Tuesday, Gold and Silver responded with an increase
in price per ounce trading as investors moved towards the perceived safe haven
assets. Wednesday presented a sharp turnaround in the trends of the U.S. market
session indicators. The economic outlook suddenly took on a brighter feel and
Wall Street was giving thanks for the positive reporting at a perfect time of
year. Specifically, the government reported that first-time claims for
unemployment benefits fell 34,000 to 407,000 last week. This number was
surprisingly positive as analysts had expected the first-time claims report to
post at approximately 435,000. Increased hiring in the retail sector during the
holiday shopping period, which normally lasts about six weeks, will help keep
first-time unemployment application numbers lower. Also, an additional post
relayed that American's income rose more than expected as the increase for
last month came in at .5%. The dollar rose against the euro and the Japanese yen
and was flat versus the British pound. This data added to the fall off that
precious metal values saw yesterday. As of the end of the U.S. trading session,
December contract gold price per ounce had fallen off .33% and positioned at
$1,373.00. Silver for December delivery price per ounce fell off .16% and
settled at $25.53. Author: Camillo Zucari
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