June Gold closed up 14.5 at 1572. This was 21.3 up from the low and 1.7 off the high.
July Silver finished up 0.229 at 28.386, 0.089 off the high and 0.406 up from the low.
In retrospect the gold market saw a two sided trade this week as the initial pressure in prices was reversed off what appeared to be a focus shift by the gold trade. Initially fear of global recession as a result of ongoing Euro zone problems was pressure gold and physical commodities but at mid week the trade seemed to take a view that an exodus of Greece from the EU might be the quickest way to end the Euro zone debt contagion problem. Other traders simply think the prospect of coordinated global easing is on the rise and that probably prompted some bargain hunting buying around this week's lows. It is also possible that favorable US data from the middle of this week through Friday morning sparked a general improvement in macro economic sentiment and that served to lift gold prices.
The silver market forged a $1.77 ounce range this week and that was the result of a 180 degree shift in economic sentiment in the US and it was also the result of a shift in thinking toward the Greek situation. While the markets haven't definitively accepted the idea that an orderly Greek exit might be the shortest path to a resolution of the Euro zone crisis, that line of thinking has allowed for a moderate improvement in sentiment and that thinking might also be a tool to increase the pressure on the Greeks into their upcoming elections. More than likely silver was also drafting some support off ideas that coordinated intervention to support the global economy might be seen into the very tumultuous period leading up to the Greek elections.
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