Tuesday, 27 March 2012
PRECIOUS METALS RECAP 3/26/2012
April Gold closed up 29.1 at 1691.5. This was 36.4 up from the low and 1.9 off the high.
May Silver finished up 0.478 at 32.75, 0.14 off the high and 0.19 up from the low.
The gold market started out under noted pressure but the market was able to throw off early pressure and rise rather impressively. In fact, June gold prices ran up to the highest level since March 13th today and some suggested that action was the primarily the result of hints from the Fed that the US economy might need additional assistance in order to see a further improvement in the US jobs sector. In other words, the gold trade saw the Fed statements today to be more dovish than hawkish and that served to lift gold and other physical commodity markets.
From last week's lows to the highs today, May silver managed a rather impressive rally of $1.80 an ounce. In addition to a generally supportive US Fed, the silver market also seemed to garner some lift from noted gains in equities and renewed weakness in the US dollar. Apparently the silver trade took most of direction from the action in equities as the US economic report slate today presented the trade with patently disappointing information today.
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