After hearing that Federal Reserve Chairman Ben Bernanke had few specific words
to express how the central bank would support the U.S. economy, many investors
pulled back from stocks and indices ultimately pushed lower into the red
yesterday. In addition to the somewhat deflating words spoken by Bernanke, first
time unemployment benefits rose by 2,000 last week according to the Labor
Department. This was worse than expected and added additional negative weight to
the last trading session. The negative sentiment helped the safe haven appeal of
gold and silver contracts grow. Gold and silver contract prices finished green
last session. Stock futures were once again posting red this morning as the
negative weight from yesterday carries over for the start of todays trading
session. Prior to opening bell this morning, spot gold and spot silver prices
were moving lower. As of the halfway point in the trading session, the primary
stock indices were dropping and gold and silver contract prices were posting red
still. Spot gold price per gram and spot silver per ounce rates were moving in
divergent directions. Spot gold per gram was higher by .28 at 59.90 and spot
silver per ounce was red by .41 at 42.07. Contract gold for December delivery
was lower by .16 percent at 1854.50 per troy ounce.
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