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Last week, stocks soared and stock market index values hit two year highs. During the first two days of this trading week, investors backed off of stocks but continued to position money with perceived safe haven assets such as gold and silver. Price per ounce soared. Today, with the dollar strengthening, investors have backed off of the precious metals and values fell off. Gold and silver price per ounce values are still at relative highs however. Gold and silver December delivery contracts remain at relative high levels as well. Even with the fall off today, the current economic environment has set the stage for a commodity run. The dollar fell today to the British pound and euro but gained against the Japanese yen. Commodity prices are maintaining high levels, specifically in gold silver. Through mid-day trading today, gold had backed off of yesterday’s high. Gold and silver for December delivery had fallen compared to yesterday’s values. Gold for December delivery finished today down .77% and settled at $1,399.30 an ounce. Silver for December delivery finished down 7.06% and settled at $26.86 an ounce. A broader perspective though reveals that both gold and silver values are significantly above where they were just a year ago. Gold has risen over .26% since this time last year and silver posts an increase of almost .61% over the same time span. Author: Camillo Zucari
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