Gold and silver prices dropped lower during the last trading session. A big
rally on Wall Street helped stocks rebound with some significance and this
attracted attention away from gold and silver safe haven investments. The boosts
of confidence in the marketplace yesterday were contagious and stock index
trends climbed up the ladder at a steady and consistent pace. The Dow Jones
surged over 400 points to close out the last trading session. Gold and silver
sold off but gold hit an intraday high yesterday before falling back. Gold
prices moved as high as 1817.60 an ounce but prices ultimately settled lower
Thursday. Gold contract for December delivery moved lower by 1.84 percent or
32.80 to close at 1751.50 per troy ounce. Silver contract for September delivery
moved lower by 1.67 percent or .65 to close out at 38.67 per troy ounce. After
session close but prior to todays opening bell, spot gold per gram was trending
green by .54 at 56.77 and spot silver per ounce was green by .12 at 38.78. Gold
and silver are likely to hold onto some safe haven appeal as the week closes
out. The DJIA moved dramatically up and down this week and thus uncertainty
still plagues many investors. Safe havens are likely the direction they will
turn when volatility resumes. Camillo Zucari
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