This morning’s markets opened largely lower in precious metals (platinum being the exception thus far). Gold continued to be sold off and it lost $10.50 per ounce (to $1,757.00) out of the starting gate as risk appetite made a tentative reappearance among market participants. The decline in the yellow metal took place despite a small (0.12) dip in the greenback on the trade-weighted index (to 74.54) but then again in the past several sessions there really has been a notably poor inverse correlation between bullion and the dollar.
Silver lost 11 cents on the open, and it was being quoted at $38.53 per ounce in New York on the bid-side. Not breaching the critical $37 level remains the white metal’s priority #1 while bullish conditions are still considered as becoming valid only above the $42.29 mark. Platinum gained $8 to open at $1,795.00 per ounce while palladium was higher by $4 at $745.00 the ounce. The latter is still hovering only some $50 above its six-month nadir that was recorded near $695 the ounce.
http://www.futuresmag.com/News/2011/8/Pages/Gold-drops-90-from-yesterdays-highs.aspx
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