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Worries are starting to invade the minds of Wall Street investors and more money was positioned with safe haven assets yesterday due to these fears. Precious metals gold and silver price trends moved higher throughout the day and closed in the green. It has been some time since contract gold and silver both had a positive close and the economic fears that persist are supporting this action. Analysts are lowering their growth expectations and some are expecting earning potentials to drop as well. The closure of QE2 is nearing, come the end of June, and many worry what will come of our economic growth process at that time. Recent losses in the housing sector are throwing up red flags as well. This uncertainty can initiate interest in safe haven metals gold and silver. Yesterday’s contract close was higher for both metals. Gold contract for June delivery closed higher by 14.70 at 1495.80 and July silver finished higher by 1.606 at 35.10. Spot gold and spot silver rates continued to travel in positive territory after session close and during the interval between yesterday’s close and today’s open. Just prior to today’s opening bell in the U.S. for open market trading, spot gold and spot silver were mixed however. Spot silver per kilo was higher by 14.66 at 1142.96. Spot silver per ounce was higher .46 at 35.55. Spot gold though was trending lower. Spot gold per kilo was lower by 73.95 at 48010.71 and spot gold per gram was red by .07 at 48.01. Could this trend be related to those investors worried over the recent gold sell off. Was the positive action yesterday just a hiccup or will precious yellow metal investing rally. trends today will help us make that determination. Author: Camiilo Zucari
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