Gold and silver contract prices ended the last trading session in the red. This
was somewhat of a surprise for some investors. The precious metal safe havens
did not attract the full attention of investors after a weeks worth of
negatively skewed economic posts piled up and increased the anxiety level of
many. The major index composites ended the last trading session mixed, but were
below break-even for the week. The week for stocks was so poor that the negative
trends effectively wiped out the left over gains that had been made for the
indices in 2011. The DJI, Nasdaq and S&P 500 were all lower by over 5 percent.
Now, the stock market must bare the weight of the credit downgrade that the U.S.
has received. Investor concerns should be at new highs as the week opens, and
safe havens should benefit. Contract gold closed out the last session in the red
though. Gold for December delivery was lower by 7.20 at 1651.80 per troy ounce.
Silver for September delivery was lower by 1.22 at 38.21 per troy ounce. The one
month change status for precious metal gold is still positive by 10.31 percent
and the one month change status for silver is positive by 6.85 percent. Prior to
opening bell for todays trading session, spot gold and spot silver moved in
positive territory. Spot gold price per gram was higher by 1.42 at 54.43 and
spot gold price per kilo was higher by 1421.06 at 54431.21. Spot silver price
per kilo was higher by 64.89 at 1292.95 and spot silver price per ounce was
higher by 2.02 at 40.22. Camillo Zucari
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