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Precious metal commodities like gold and silver dropped lower after word spread last evening of Osama Bin Laden’s death. President Obama relayed to the American public that Bin Laden was shot and killed. His body was then buried at sea. Precious metal price per ounce trending dropped lower after the President’s statements, and stocks moved higher today. Wallstreet investors welcomed the news that Obama had been killed by U.S. forces. The Dow Jones Industrial Average rose over 50 points earlier today in response. Gold and silver prices backed off from their original trendlines earlier today and the dollar fell versus the euro. Gold and silver spent a majority of the day in recovery mode after experiencing an abrupt sell off during the initial part of today’s trading session. Although the news that initiated the sell off was a surprise for most, the sell off itself and the resulting price correction was not completely unexpected. By end of day, the major market indices had lost their initial burst and were red across the majority of the tracking board as close approached. Gold ended up rising slightly but silver struggled throughout and closed the day in the red. Approaching close, contract gold for June delivery was green by .04 percent at 1557.10 an ounce. Contract silver for may delivery was red by 5.18 at 46.08 an ounce. Spot gold per gram and kilo was trending in the red though after session close. Spot silver per ounce and kilo posted red as well after session close today. Author: Camillo Zucari
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