Gold, Silver Prices Recover After Carnage
By Alix Steel
TheStreet.com
05/09/11
NEW YORK (TheStreet ) -- Gold and silver prices were recovering Monday after a painful selloff last week as the U.S. dollar weakened and bargain hunters stepped in.
Gold for June delivery was adding $15.70 to $1,507.30 at the Comex division of the New York Mercantile Exchange after falling 4.8% in a week. The gold price Monday has traded as high as $1,510.70 and as low as $1,489. The spot gold price was rising $12.30, according to Kitco's gold index.
Silver prices were adding $1.75 to $37.04 an ounce after plummeting 27% last week.
The consensus seems to be that silver has more downside now than gold. Barclays Capital thinks that silver will find support in the low $30s as "retail demand" takes the lead but that "longer-term investor interest in gold remains robust." Barclays cites Asian demand as a key factor for higher gold prices.
The article continues: http://www.thestreet.com/story/11110610/1/gold-silver-prices-recover-after-carnage.html
Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months
| 