Saturday, June 19, 2010

Market Analysis

Hello, everybody!

Yesterday was a very exciting day in the metals markets as gold peaked at 1263.50 and closed at a new all-time high of 1,257.50. This active metals market came following days of uncertainty in the market. During the first part of the week there was virtually nothing happening in any major markets and economies around the world. It was as if the world was holding its breath, just waiting to see what would happened next.

What happened next was a decline in American jobs, a weakening dollar, and more pessimistic outlooks regarding the BP Oil spill in the Gulf. All of these factors helped to push precious metals higher across the board as people grew wary of the economy and looked to commodities as a safe haven from the dollar and stock market. According to Kitco.com, Platinum rose 0.89%, Gold rose 0.91%, and Silver jumped a staggering 2.35%.

As of late, it has been clear that Silver has been the big mover in the precious metals market, often times moving twice as fast as gold.

1 comment:

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