Gold and silver price per ounce rates moved higher during the trading session
today. Investors were met with significant stock sell offs this morning after
opening bell and then plummeting index composites followed after opening bell as
well. Stocks were kept aloft via cues from Eurozone markets yesterday. Stocks
finished stronger yesterday in the European and Asian marketplace. This helped
push stock indices higher. Today, there was a reversal of fortunes. European and
Asian stocks ended their respective sessions mixed and the negative sentiment
carried over into the American marketplace. News of German economic woes further
deflated investor confidence this day. On top of this negatively skewed overseas
news, the housing sector statistics came in for July and were weaker than
anticipated. This also kept the dark cloud over investors on Wall Street today.
Precious metal gold and silver prospered in the midst of this tense climate. The
safe haven appeal of gold attracted attention and by end of day close, gold and
silver contracts were positioned in the green. The DJIA finished the day lower
by more than 100 points. Gold contract for December delivery moved higher on the
day by 1.54 percent to close at 1785 per troy ounce. Silver contract for
September delivery finished lower by 1.30 percent at 39.82 per troy ounce. Spot
gold and spot silver were moving higher at close as well. Spot gold price per
gram was higher by .95 at 57.39 and spot silver price per ounce was higher by
.69 at 39.99. Gold and silver did well as investors observed corrections with
stocks today. Camillo Zucari
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