This was an up and down week for gold and silver prices just as it was a roller
coaster rise for the major stock index composites. Political unrest in the
Middle East seemed to play in and out of fashion as it continues to influence
precious metal market trends. The week started off with gold and silver interest
pushing higher. The dollar fell lower and April contract gold ended the session
higher by .04 percent at $1,409.90 an ounce. March contract silver ended the
Monday higher by 2.75 percent with a floor price of $33.80 an ounce. Metals held
gains on Tuesday. Surging food and oil prices continued to place downward
pressure on stock index composite trending and this, paired with the dollar's
loss in strength on the day, helped precious metal gold and silver prices post
higher for Tuesdays close. April contract gold was higher by .40 at $1,431.60 an
ounce. March contract Silver was higher by .19 at $34.61 an ounce. On Wednesday,
Gold and Silver continued positive trending. Bernanke relayed in comments today
that the Republican agenda to cut over $60 billion in federal spending would
slow the economic recovery process across our nation and decrease job growth. He
specifically said that the spending cuts would reduce economic growth by as much
as two tenths of a percentage point. Indices were struggling at mid-day and the
dollar had fallen lower to a handful of other currencies. This helped gold and
silver maintain interest Wednesday. Precious metals dropped across the board on
Thursday into the red for the first time all week. The dollar grew stronger this
day and stocks pushed higher. Investor anxieties over the Middle East seemed to
lighten and safe haven assets suffered. Precious metals rebounded however on
Friday and Gold and Silver ended the week green. Floor price for April gold
ended higher by 12.20 at $1,428.60 an ounce. May contract silver ended the
session higher by 1.00 at $35.33 an ounce. Author: Camillo Zucari
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