Precious metal commodities like gold and silver dropped lower after word spread
last evening of Osama Bin Ladens 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 Presidents
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 todays 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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