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President Obama’s speech about the national deficit and spending cuts he plans on making helped to boost stock index composites yesterday afternoon. Obama suggested that he will cut approximately $4 trillion dollars from the national deficit in little over a decade. Stocks bumped higher and precious metal gold and silver tracked in positive territory as well. June contract gold moved higher by .14 percent to close yesterday;s session at 1455.60 a troy ounce. May contract silver finished higher by .43 percent to finished the session at 40.24 an ounce. Yesterday’s positive end was a bit of a turn around for precious metals this week as the moderate rally in the latter half of yesterday’s trading session helped to push gold and silver into the green.Lower prices that had developed this week lured in more buyers today as investors positioned more with precious metal gold and silver. During the interval between yesterday session close and this morning’s session open, spot gold and spot silver price per ounce values were trending upward. Spot silver per kilo was higher by 18.40 at 1306.29 and spot silver per ounce was green by .57 at 40.63. Spot gold per kilo was higher by 133.43 at 46845.25 and spot gold per gram was higher by .13 at 46.85. Gold and silver trends are on the rise compared to the opening half of the week. Author: Camillo Zucari
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