Gold prices touched above the 1800 price per ounce mark during the last trading
session in the U.S. Contract silver finished higher as well as investors moved
away from riskier stock options and positioned more with the safe haven metals.
The safe haven interest of gold and silver continues to attract attention as the
volatility in the market place plays out. The DJIA dropped over 600 points
Monday, rebounded Tuesday and then dropped over 500 more points yesterday. The
Dow Jones dropped back 520 points yesterday to close out at 10,720. The Nasdaq
lost 101 points to close out at 2,381 and the S&P 500 fell back by 52 points and
finished at 1,121. Gold futures bumped higher on the day. Investors are
positioning with what most perceive as a safe haven hedge against the volatility
of stocks. There are no signs that the choppy action and lower trends for stocks
will conclude soon and thus gold is expected to be a favorite commodity for Wall
Street investors. Contract gold closed last session higher by 2.37 percent or
41.30 to 1785 per troy ouncer and contract silver for September delivery moved
higher by 3.81 percent or 1.44 at 39.33 per troy ounce. Spot gold price per gram
moved higher by 1.57 percent at 57.51 and spot silver price per ounce moved
higher by 1.18 at 39.06. Camillo Zucari
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