Gold, silver and copper price per oune rates moved forward today. Overall, the
market had a change of fortunes and reversed much of the negative closing action
from last week. Index values received a boost earlier this day and mainly
positive trending early was buoyed by the positive retail sales report posting
from the Commerce Department. Also, news stemming from world markets helped keep
market action in check today and ultimately, precious metal commodities went up.
European stocks were on the rise today as Irelands government said it is not
seeking a bailout. This statement reduced fears that the country would default
on its debt. The dollar was moving up today against a basket of other
currencies. Specifically, the dollar strengthened against the euro, the British
pound and the Japanese yen. Commodities moved back up and precious metals gained
some value through todays trading session. Gold for December delivery moved up
.22% today and at the U.S. session end was trading for $1,368.50. Silver for
December delivery moved up .58% and was trading for $26.09. Copper December
delivery contract price per ounce was up by .81% at $3.92. Gold traffic and
precious metal traffic has been less than expected since the Feds initiated
their QE2 plan. The dollar was expected to devalue but world currency concerns
in Europe are helping the dollar stay afloat. Now, there is talk from the
Republican power pushing Bernanke to drop the QE2 plan altogether. As of today
however, gold, silver and copper price per ounce stays green. Author: Camillo
Zucari
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