Silver Goes Swoosh
Jul 20th, 2009 | By Doug Casey | Category: Gold MarketGold had another uneventful day. The slight downward trend that developed in London was erased before 10 a.m. on the Comex and the yellow metal stayed flat from there, finishing near where it started, at $937.70/oz., up $0.70. For the week, gold is up 2.7%.
Platinum got a boost early in Hong Kong trading, then trended down until things got started in New York where the metal broke through resistance at $1170 to post a solid gain, closing at $1172/oz., up $11. For the week, platinum is up 6.1%.
Silver’s chart yesterday resembles the Nike swoosh symbol. After a curving downward trend through Hong Kong and London the metal went vertical in the early hours of Comex trading, but then tapered off, ending near its intraday high at $13.41/oz., up 12 cents. For the week, silver is up 6.0%. (Click here for charts)
Investors showed slightly renewed interest in gold as an inflation hedge Friday, as crude oil closed at its highest price since July 6.
Here’s what The Hightower Report had to say about the action in gold and silver: “The bull camp will praise the gold market’s capacity to hold up around this week’s highs for most of the session today. The bear camp will suggest that the bull camp should have made more hay out of the scheduled data flow and the corporate earnings news. However, while the scheduled data flow as much better than expected, the corporate earnings news did have some troubling components. It was also clear that a stronger Dollar and weaker equity prices took some of the positive macroeconomic psychology out of the trade on Friday morning. The bulls might suggest that renewed terrorism threats could support gold, but the bear camp will quickly suggest that terrorism news on Friday morning supported the Dollar and that in turn crimped the action in the gold market.”
“The silver market was clearly lifted by an improved macroeconomic outlook in the wake of the US Housing starts and permits data. It is also likely that a firm bid in the energy complex allowed silver and copper prices some added bullishness. Like the gold market, it is possible that silver was at least partially restrained by the combination of a higher Dollar and weaker US equity prices.”
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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.