Gold prices dropped back this day. Investors felt a surge of confidence today
due to positive economic reports stemming from overseas markets. Manufacturing
data from Germany and China skewed towards the positive as it was better than
expected. The sense of stability and security that stemmed from these reports
was enough to help support a rebound in the U.S. stock market today. Investors
positioned with riskier stock options and as a result, gold prices were pulling
back. Both gold and silver contracts were dropping into the red as of the
mid-day point in the trading session. Gold at this point was negative by .38
percent at 1884.80 per troy ounce. Many though expected a bit of correction with
gold prices as the precious metal recently hit a record of 1917.60 per troy
ounce. The bubble is not popping, just correcting some. Silver electronic price
per ounce at mid-day was red as well. Silver contract was lower by 1.21 percent
at 42.80 per troy ounce according to electronic price posting. Spot gold and
spot silver were moving back as well at this point. Spot gold price per gram was
lower by 1.09 at 59.67 and spot silver price per ounce was lower by .73 at
42.60. Camillo Zucari
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