Federal Reserve Chairman Ben Bernanke spoke today and promised support for the
U.S. economy, but he also tempered his words by adding that there were
limitations to what the Feds could provide. Stock indices dropped lower after
this news spread. The Dow Jones, as well as the Nasdaq and S&P 50,0 were moving
in negative territory as the halfway point in todays trading session approached.
Gold and silver continued to attract attention in light of the current economic
news posting today and the climate that this news created. Investors on Wall
Street were hoping to hear more direct and substantial words from Bernanke today
regarding a QE3. When this did not occur, anxieties about economic progress in
the U.S. pushed higher and so did interest in the precious yellow metal. The
DJIA is currently red by over 140 points at 11,009.81. Gold contract for
December delivery is currently trending higher by 1.41 percent or 24.80 at 1788
per troy ounce. The one month change for gold is positive by 10.37 percent. Spot
gold and spot silver are also moving in a positive direction currently. Spot
gold price per gram is green by .89 at 57.50 and spot silver price per ounce is
green by .05 at 40.80. Camillo Zucari
No comments:
Post a Comment