Precious Metals Spinning Wheels
Jun 11th, 2009 | By Doug Casey | Category: Gold MarketGold pushed to $965 just before New York opened on Wednesday, but then sold off sharply, falling below $950 in the late morning, before edging slowly higher through the rest of the day and finishing at $954.10/oz., down 50 cents. Overnight, gold is unchanged.
Platinum shot higher in late Hong Kong trading, but then got stuck in the narrowest of trading ranges, never straying from $1260-1270 all day, and ending at $1262, up $13. Overnight, platinum has been flat.
Silver mimicked gold, peaking at $15.50, dropping almost back to $15, then bouncing up and down to close at $15.17, down 5 cents. Overnight, silver is slightly lower. (Click here for charts)
The precious metals had a day of little change which reflected the mixed messages from the usual suspects, with crude busting higher, but the dollar also turning in a strong performance.
James Moore, an analyst at TheBullionDesk.com, had some mixed messages of his own, writing that “for the moment the traditionally inverse relationship [gold/dollar] appears to be back in place.”
While, “Short-term we still view the market as overbought … Dips continue to be limited by strong buying interest as inflation fears overshadow economic ‘green shoots’ sentiment,” Moore said.
And the Hightower Report wrote of silver: “The silver market also managed an impressive recovery attempt after seeing some initial weakness early in the trading session. Like gold, silver was temporarily undermined by the news of a repayment of TARP funds, but given the magnitude of the gains in silver, copper and tin prices on Tuesday one almost got the sense that classic physical commodity forces were providing the silver bulls with their fresh incentive.”
Source: Precious Metals Spinning Wheels
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Doug Casey is a contrarian investor, sought-after public speaker and author of several books. His work "Crisis Investing" held the position of # 1 bestseller on the New York Times list for 26 consecutive weeks. Doug's unusual views on the economy - and just about everything else - have gained a huge following in the investment community, and it certainly helps that his stock recommendations of undervalued junior exploration companies have made his subscribers millions. Now in its 27th year, Doug's monthly newsletter, the International Speculator, is one of the most established and esteemed publications on gold, silver and other natural resource investments. Together with the Casey Energy Speculator, it covers a broad range of carefully selected stocks with the very real potential of double- and triple-digit returns within 12 to 24 months.