from Liberty CPM:
Gold and silver remain basically unchanged since Tuesday, although investors are optimistic as the price did not just stay above $1550, but indeed $1560 even.
Volume has been down overall ahead of the European Union summit on the euro zone crisis, which George Soros – the famous investor who successfully shorted the UK Pound (despite the moral hazard tied to such a trade) – has said could mark the end of the euro should European leaders not act in the common good of the continent. What Soros says the eurozone needs is a “united front” aimed towards saving the common currency.
Talks before the meeting detail an unlikelihood of the continent moving towards a common euro-zone bond system at the summit, although the mainstream press has not predicted decisions and outcomes regarding other important meetings accurately, such as last week’s FOMC meeting.
The exchanges have overall kept the physical markets stable, as some would argue is their purpose. Gold and silver price remain rangebound, as silver trades at the low of its range, and indeed at the low of the past 18 months.