Gold and silver prices are rallying and moving higher. After opening bell this
morning, stocks dropped lower as a result of economic reports that came in
beneath expectations. Big banks are under increased scrutiny in the current
environment regarding "unsafe" foreclosure practices and applications for
unemployment recently moved higher. A stock market that was building positive
momentum is showing signs of instability. The instability is pushing negatively
on stocks. The mid-day values for the major index composites in the United
States were red across the board with the Dow Jones lower by .30 percent. The
dollar was falling versus a handful of other currencies today and gold futures
were on the rise. At the halfway mark of today's trading session, gold
contract for June delivery was posting a floor price higher by 12.30 at 1467.90.
By end of day close, the major index composites in the U.S. were mixed. The Dow
Jones and S&P 500 were trending in positive territory and the Nasdaq was
struggling to reach the green prior to close for the day. Precious metals gold
and silver posted positive price per ounce values. June contract gold moved
higher by 1.15 percent to finished the day at 1472.40 an ounce. May contract
silver finished the day higher by 3.55 percent and posted a floor price of 41.66
an ounce. Contract copper ended the session in the red by .24 percent at 4.28
per pound. Author: Camillo Zucari
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