Gold and silver contract prices finished off in the red once again during the
last trading session. Stocks fell off during the majority of the week and
commodities like gold and silver precious metals followed. Trends in the U.S.
market place moved decisively lower throughout the week. The primary onset for
the stock sell-off initiated mid-week after the Feds announced that another QE3
would not be forthcoming. The news had global ramifications that were broad in
stroke. Stocks ended on the negative side of break-even for the week, as did
precious metals gold and silver. Contract gold for December delivery moved lower
by 5.85 percent to close out the last session at 1639.80 per troy ounce. Silver
contract for December delivery closed out the last trading session lower by
17.71 percent at 30.10 per troy ounce. The one month change for gold and silver
continues to drop more negative. Golds current one month change status is
negative by 10.18 percent. Silvers one month change status is negative by 26.62
per troy ounce. After last session close, spot gold price per gram and spot
silver price per ounce continued to move into negative territory. Spot gold
price per gram was lower by 2.68 at 53.24 and spot silver price per ounce was
lower by 5.44 at 31.09. Despite the negatively skewed economic news that has
been transpiring on a global scale, golds safe haven appeal has attracted little
attention. The drop in price for Gold last session was greater than any seen in
decades. The economic uncertainty is not enough to stall the precious metal
price correction. Camillo Zucari
No comments:
Post a Comment