Gold price per ounce contract rates for December delivery fell into the red
once again to close out the last trading session in the U.S. Silver price er
ounce rates followed the same path last session and closed out the day negative
overall. The market has been a choppy place and the environment leads to
inconsistencies. Throughout the majority of the last trading session, the
primary stock composites moved below break-even but then swung significantly
higher during the closing hour of trading. Investors are having a difficult time
processing the data coming from the eurozone. Debt default in Greece, paired
with weak manufacturing data in Asia, is keeping investors on edge. Gold and
silver pricing has remained off kilter now for weeks as a result. The value
trend line for both metals over the course of the past month is significantly
negative. Prior to opening bell this morning, spot gold per gram and spot silver
per ounce price trends were still posting negative. As todays session reached
mid-day, the primary stock composites in the U.S. were trending in the green and
gold and silver contracts were still posting values below break-even. Gold
contract for December delivery posted a mid-day mark that was negative by .15
percent on the day. Gold price per ounce posted at 1613.50 per troy ounce.
Silver posted negative action as well. Electronic price for December delivery
silver was negative by .32 percent at 29.74 per troy ounce. Spot gold and spot
silver were moving in positive territory at this point however. Spot gold per
gram was higher by .39 at 52.35 and spot silver per ounce was higher by .36 at
30.20. The positive trends for spot gold and spot silver could mean a rebound
overall for gold and silver prices by the end of the session today. Camillo
Zucari
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