Gold prices just arent what they used to be. In fact, gold price per ounce
rates havent experienced a drop off in prices like whats being observed in the
marketplace now in decades. Both Contract gold and contract silver finished out
the week on the negative side of breakeven once again as the two precious metals
followed the general stock indicators lower overall for the week. Investors were
not swayed to position with the safe haven appeal of gold throughout the last
week, even as stocks experienced a significant sell-off around mid-week. Most
investors have concluded that precious metal gold has reached its relative peak
and is overexposed in the short term. A correction is necessary before investors
decide to position with the safe haven commodities once again. The corrections
began this past week. Gold prices tumbled in noteworthy fashion on Thursday and
Friday of this past trading week. Contract gold for December delivery finished
out the last trading session red by 5.9 percent at 1639.80 per troy ounce. The
last trading session of this past week denoted the first drop for gold prices
over the 100 dollar mark in over 30 years. Contract silver for December delivery
finished the day lower by 13.67 percent at 30.10 per troy ounce. Recent checks
on spot gold and spot silver prices reveal negative action as well. Spot gold
price per gram was trending red by 2.68 at 53.24 and spot silver price per ounce
was trending red by 5.44 at 31.09. The DJIA finished the week lower by 738
points. It was also one of the worst weeks for the Dow in almost three years.
Camillo Zucari
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