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Gold and Silver prices have been rising off the charts over the last several weeks. June contract gold closed over the 1500 price per ounce mark yesterday for the second consecutive day in a row. Silver surged yesterday as well as it notched as high as 49.82 an ounce on Monday before backing off a bit and finishing the day up by 2.4 percent at 47.15 an ounce. Gold trending has been positive over the past month as the one month change is tracking positive by 6.24 percent. Silver is substantially higher over the same time frame. The one month change for Silver is positive by 22.68 percent. Silver prices have doubled over the past six months and many wonder how high the prices will actually go, and when the corrections will take place. Yesterday’s close values revealed little sign of this happening and many analysts think that 50 dollar silver is just around the bend. Silver’s closing price yesterday was just shy of the high silver hit in 1980 of 49.35 an ounce. The intra-day high on that day in 1980 was 50.35 an ounce. It appears that we are notching our way towards that type of trending once again. Spot gold and spot silver prices have been trending higher as well but tracking just prior to opening bell today revealed an opening for pessimism. Spot gold and spot silver were both trending in the red this morning. Spot silver per kilo was lower by 35.01 at 1480.86 and spot silver per ounce was lower by 1.09 at 46.06. Spot gold per kilo was lower by 127.00 at 48378.84 and spot gold per gram was red by .13 at 48.38. Author: Camillo Zucari
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