Jun. 15 2011 — 4:08 pm
Comex gold and silver futures prices closed the day trading session near unchanged levels Wednesday. Gains in precious metals were limited by a strong rally in the U.S. dollar index and sharply lower crude oil prices. However, selling pressure was mitigated by safe-haven investment demand due to an escalation in the European Union’s debt crisis with Greece. Look for a more active trading day in many markets on Thursday, due to the EU situation and the big moves Wednesday in the U.S. dollar index and crude oil. August gold last traded down $0.40 an ounce at $1,524.00. Spot gold last traded down $1.20 an ounce at $1,523.50. July Comex silver last traded down $0.041 at $35.37 an ounce.
The U.S. dollar index traded strongly higher Wednesday and hit a fresh three-week high on flight-to-safety buying and as the Euro was hit hard by the lingering wrangling going on among European Union and IMF officials, regarding what to do about Greece’s very serious debt problems. There was rioting in the streets of Athens Wednesday, amid rumors Greece’s government was on the verge of collapsing. Bond yield spreads in Europe are at record levels this week, which underscores the serious nature of the Greek debt issue. Remember that Greece is just one EU country among several that are also on very shaky ground with their finances. The precious metals were supported by safe-haven buying amid the EU debt crisis that has been playing out for a year and a half.
http://blogs.forbes.com/kitconews/
All information on this website is for educational purposes only and is not intended to provide financial advise. Any statements about profits or income, expressed or implied, does not represent a guarantee. Your actual trading may result in losses as no trading system is guaranteed. You accept full responsibilities for your actions, trades, profit or loss, and agree to hold MinKL Invest harmless in any and all ways.
No comments:
Post a Comment