Precious Metals: Gold / Silver Prices Up On Weak Dollar
GOLD / SILVER PRICES UP ON WEAK DOLLAR
U.S. dollar sell-offs kicked off a rise in silver and gold futures on Monday with February gold rising $17.10 to close at $769.30 an ounce on the NY Mercantile Exchange, with March silver rising 54.5 cents to $9.975.
With equity markets rebounding as of late, analysts say this increased confidence has prompted investors into moving more freely into the precious metals market.
Precious Metals Silver Analysis 11/08
Experts say that sideways trading has begun taking over the silver amid a lower trade volume despite that the upside remains intact towards 11.05-09, although the silver may decline as it gathers momentum to continue the upswing.
The overall trend is toward the downside, as far as 14.70 remains in place, with a target set at 8.05 and 7.60, while Silver futures for March delivery lost 3.6 cents, or 0.3 percent, to nearly $10.27 an ounce on the Comex.
Silver And Precious Metals Ready To Make A Run
For private investors, as well as financial institutions, precious metals continue to be a safe haven for smart investors in a turbulent financial market. A close examination of the past few months will explain the re-tracement of silver to it's current position. As the stock market bagan it's tumble due to the collapse of Freddie Mac and Fannie Mae, which triggered the bailout of AIG and the closing of the Lehman Brothers as well as some giant commercial banks around the country, investors were forced to sell off assets to cover their margin calls. Some of those sell-offs included silver positions. With the dumping of silver on the market, the price of silver dropped.
Now that the silver market has again stabilized, investors have an opportunity to get back in on the historically valuable asset, especially now that the stock market has seen a recent positive uptick. Some experts believe that silver bullion could gain postive results in the near future.