Worries over our nation's economic recovery and growth were front and center
during the open market trading session today in the United States. Major index
composites in the U.S. were dropping lower today and through the first half of
the trading session, gold and silver price per ounce contract rates were posting
in the red as well. During the first half of the trading session today, the
dollar strengthened and this applied negative pressure on contract gold and
silver rates. At the mid-day point of today's trading session, June contract
gold was lower by .59 percent and posted a floor price of 1481.80 per troy
ounce. Contract silver for July delivery was also dropping lower and posted a
floor price of 34.13 per troy ounce. Gold was pressured specifically by the huge
reductive action taken by George Soros today. Soros reduced his holdings in the
SPDR Gold Shares and NovaGold. The headlines spread quickly regarding the mass
selling of shares and this pressured trending for precious metals, especially
gold. Yesterday was a negative day for gold and silver value trends due to the
struggling euro. This negative momentum carried over to today's session and
the additional headlines of the share sell off just made a potential rally more
difficult for gold and silver. Author: Camillo Zucari
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