Prices for Gold & Silver Swing Wildly

Gold and silver bears and bulls battled back-and-forth for control from the sound of today’s opening bell. The metals’ values initially fell in response to data indicating a more positive economic outlook, combined with economists’ confidence in the Federal Reserve to safely reduce stimulus spending. That pullback was short-lived, however, as the dollar grew significantly weaker against a basket of other currencies. This, in turn, boosted gold and silver prices, dramatically at some points. Gold reached a daily high of $1408.90 and silver climbed to as high as $24.42 per ounce on the COMEX version of the New York Mercantile Exchange.

The ride did not end there, however, as opportunistic institutions sold metals and took profits. This caused gold and silver to take somewhat of a hit, but it was not long before mom-and-pop investors picked up the slack left by the institutions. Household demand for gold and silver bullion and rare coins has been down lately after remaining near an all-time high for the first half of the year, but those investors really stepped up to the plate today and helped gold end on a $7 gain while silver finished up $0.26 per ounce.

Analysts’ opinions of what will happen in the gold and silver markets this week are mixed. We are in what many consider to be the last week of summer, and many gold investors plan to take it easy this week and come back to the office next Tuesday ready to make some trades. It is not unheard of, however, for gold and silver prices to fluctuate wildly during the week before Labor Day.

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