Gold and silver prices ended the last trading session in the red. Their safe
haven appeal diminished over the course of the last trading week even as stock
volatility notched higher. Choppy trends and a batch of weaker than expected
economic posts filtered into the marketplace over the course of the last week
and this action pressured the major stock market index composites. The pressure
was significant and stocks finished in the red for the whole of last week. The
major indices in the United States fell on the negative side of break-even for
the week. The Dow Jones was lower by over 5 percent. The Nasdaq was lower by 8
percent and the S&P 500 dropped off by 7 percent. Investor worry was growing and
now the credit rating for the U.S. has officially been downgraded. The U.S.
credit rating has been dropped from triple A to AA++. This news should heighten
anxieties this week and safe havens gold and silver could notch higher. As it
stands, contract gold and silver finished the last trading session in the red.
Gold for December delivery moved lower by .43 percent and closed out at 1651.80
per troy ounce. Silver for September delivery moved lower by 3.09 percent to
close out at 38.21 per troy ounce. Recent quotes for spot gold and spot silver
prices showed trends moving in divergent directions. Spot gold price per gram
was moving higher by .23 at 53.48 and spot gold price per kilo was moving higher
by 231.16 at 53479.23. Spot silver price per kilo was red by 35.37 at 1231.95
and spot silver price per ounce was lower by 1.10 at 38.32. Camillo Zucari
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