Gold and silver contracts continue to feel the negative pressure of a
deflationary marketplace. Even though the economic reports have skewed negative
lately, the safe haven appeal of precious metal commodities like gold and silver
has attracted little attention. Both gold and silver are tracking decisively
negative over the past 30 days. Both gold and silver contracts for December
delivery closed out the last trading session red and were decisively negative
for the week overall. Prior to opening bell this morning, spot gold and spot
silver continued to track in the red. The turmoil in the marketplace right now
is not enough to push investors towards the precious yellow metal. Last Friday
saw the biggest one day drop in gold prices since the 1980s. Silver contract was
in the same boat last Friday and saw noteworthy drop-offs in trending as well.
As the trading session reached the halfway point in the U.S. today, precious
metals gold and silver continue to trend in the red. Electronic price for
contract silver is red by .14 percent at 30.06 per troy ounce. Electronic price
for December contract gold is red by 1.42 percent at 1616.50 per troy ounce.
Spot gold and spot silver were negative at this point too. Spot gold price per
gram was red by 1.12 at 51.53 and spot silver price per ounce was red by .35 at
29.71. Camillo Zucari
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