Gold and silver are showing some resilience in the face of the recent big dives in prices, but can this continue or are we in for another fall?
by Lawrence Williams, MineWeb.com
The huge dumping of paper gold and the subsequent sales out of the big GLD gold ETF of last week do seem to have generated remarkable buying momentum for both gold and silver, with prices recovering from their nadirs of around $1350 for gold and $22.70 for silver.
There had been some decent recovery by the end of last week, but markets surged again when they opened in Asia this morning and there has been some strength too as markets opened in Europe, with gold hitting $1425 and silver $23.50 – gains of 5.5% and 3.5% respectively meaning potentially quick gains for those who came in at the lowest prices – at least in theory, but premiums due to the apparently enormous demand for physical metal, will have mitigated gains.
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