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Gold, Silver Skyrocket To Start Trading Session

Gold prices and silver prices rose in spectacular fashion, and in unison, on Monday morning after technical signals gave institutional investors the go-ahead to end their time on the sideline and buy back into the markets. For the most part, large-volume investors chose to vest their funds in ETFs, unallocated pool accounts and options/futures contracts. However, Gold Silver analysts did report a significant number of money managers who opted for entry into the physical gold and silver markets.

“It is somewhat unusual for investment banks and large institutional investors to look at physically-held precious metals as viable choices, because the storage, shipment and assaying costs are quite high,” said Gold Silver analyst Kevin Cobb. “The profitability of derivatives investments for buyers who are putting millions or billions into gold is quite high in comparison with physical gold, but the safety-seeking household investors and local banks like the idea of holding hard assets as opposed to paper, and this is the trend we see developing at the moment,” Cobb added.

As of 5pm EST the gold spot price was $1387, a $32 rise for the trading day. Silver was up $0.68 at the same time to finish at $22.94, just below what could end up being a key psychological level of $23. Gold is up 2.54 percent today and still down 0.85 percent from April 20. Silver is up 2.97 percent today and is still down 1.58 percent in the last month.

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