by Alasdair Macleod, Gold Money:
Gold and silver had a poor week, with no relief from drifting prices after the end of the second quarter.
The gold price opened on Monday morning in the Far East at $1,187 and fell to a low point at $1,158 yesterday. Silver mirrored gold’s move falling from $16.05 to $15.50. Both metals rallied yesterday afternoon with gold down slightly but silver up 14 cents. In early European trading this morning there were further small gains.
The news this week was dominated by Greece, which should have led to European demand for gold, and it was indeed reported that Greeks were buyers of British sovereigns and that European bullion demand picked up somewhat from low levels. Precious metals were otherwise side-lined and left to drift in markets dominated by central bank intervention in foreign exchanges, with the Swiss National Bank triggering a very strong rally in the euro on Monday, driving the rate from an overnight low below 1.1000 to the US dollar to 1.1270.
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