 The Answer, My Friend, is…Nowhere In the Wind
Good Morning, Bargain hunters once again made an appearance in the gold markets as their favourite metal was getting set for a third week of price erosion in a row. Thus, bullion values bounced from Thursday's low in the mid-high $1180's and were once again seen orbiting around the psychologically significant round figure overnight and early this morning. Although gold did not make much progress above the $1200 pivot point, the emergence of speculative position-takers and Indian (as well as Thai) physical shoppers also limited the extent to which prices were seen as possibly falling. Thus the metal is caught in the broader $1180 to $1230 range but still needs a major advance to the upside in order to begin to undo the three week-long damage on the charts (and in recent buyers' psyches). For the moment, the possible double-top trace on the charts looms larger than intra-day actions. (...)
Read the rest of Gold, Silver, Metal Prices Commentary – July 9, 2010 (981 words)
© Jon Nadler, Kitco Metals Inc. for Coin News, 2010. | Permalink | No comment | Want more on these topics? Browse the archive of posts filed under Bullion Articles and Precious Metal Reports, Business News, Commentary.  | 
The United States Mint published coin production figures for June that soar past prior months, capping four straight monthly gains.
No comments:
Post a Comment