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Gold and Silver – Adrenalin for the Global Economy?

Gold and Silver – Adrenalin for the Global Economy?

June 8, 2010 – Gold and silver prices rallied, while the world’s investors worried about the not-so-rosy health of the global economy. The Euro’s slump, unexpected low job growth and inflation make for a gloomy outlook. However, this did not deter gold and silver as an investment option. Gold is riding high at $1240.80 per ounce on the Comex. CME Corp, which owns Comex, reported an intra-day high of $1243.30 an ounce via electronic trading. Charles Nedoss, Senior Market Strategist with Olympus Futures in Chicago, says that investors are trying to cash in on the situation.

The demand is not just for gold. Silver went even higher and Monday saw a hike of five percent. Silver due for delivery in July increased by 86 cents, finishing at $18.16 an ounce. Copper, however, continues its eight-month decline at $2.76 a pound.

Adam Klopfenstein, trader and senior strategist at Lind-Waldock in Chicago, remarks that investors are busy reworking their portfolios to look at the best way to maximize their returns. Between gold and silver, gold wins hands down compared to bonds and currencies, since gold inspires more confidence than other investments right now.

Gold and silver are poised to see an interesting week, as it is anticipated that trading will be hectic and gold prices will go even higher, setting new records. It is like the famed gold rush all over again, as nobody wants to wait and watch.

Scott Meyers, analyst with MF Global’s Pioneer Futures Division in New York, predicts that gold and silver prices will remain steady if only because of the current shape of the global economy.

Shannon King

Senior Staff Writer – GoldSilver.org

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