Gold price per ounce rates moved higher this trading session as did silver
price per ounce rates. Contract gold and silver prices both flourished as
investors decided to move towards safe havens after several major economic posts
skewed negative and diminished investor confidence in the economic recovery. The
GDP report on Friday was weaker than expected and then to open the week, the
manufacturing report was below expectations. Today, the consumer spending report
was weaker than anticipated. Even with the House and Senate passing the debt
deal and the President signing the bill into law, the major stock indices were
unable to rebound. The environment was ripe for safe havens and precious metals
pushed higher today. As close approached, contract gold for December delivery
was green by 1.41 percent or 22.80 and closed out at 1,644.50 per troy ounce.
Contract silver for September delivery pushed higher by 3.31 percent and posted
an electronic price of 40.61 per troy ounce. The one month change for gold is
positive by 9.12 percent. The one month change for silver is positive by 14.44
percent. At this point, spot gold and spot silver prices were moving in positive
territory. Spot gold price per gram by 1.20 at 53.25 and spot gold price per
kilo was higher by 1202.44 at 53254.50. Spot silver per kilo was green by 43.36
at 1309.82 and spot silver price per ounce was green by 1.44 at 40.74. Camillo
Zucari
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