Good Morning,
It
appears we’re in for a quiet end to the week with little in the way of
economic news that would cause any significant movement in either
direction. Of Course, Chairman Bernanke’s testimony before the Senate
yesterday revealed nothing
considerably different from his testimony before the House the day
prior. Perhaps the most interesting part, with regard to the precious
metal complex, came when Mr. Bernanke said he doesn’t really understand
gold prices and that maybe the recent declines
in gold prices are a reflection of how less worried people are for bad
outcomes. The $1300 threshold seems to be the proverbial brick wall for
gold at the moment. The yellow metal closed Thursday’s session at $1284
but now trades back above the $1290 mark.
Silver closed the previous session at $19.389 but has since moved back
north to $19.45 at the moment. Silver is still trying to recuperate from
the pounding it took earlier this week. Platinum has pushed higher, now
trading $1423 after closing Thursday at
$1414. Palladium is the only one in negative territory to start the day
but remains supported above the $740, now trading $744. Have a great
weekend!
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