Gold and silver both recover after Tuesday's declines
Down big yesterday morning, up and strong this morning. Volatility continues to be high as market participants hang on every bit of news regarding the euro zone’s debt travails, as well as the latest economic indicators and third-quarter earnings reports.
Today it’s the release of the Federal Reserve’s latest policy statement, which might provide the impetus for investors to move capital into “higher”- or “lower”-risk assets, depending on the result.
Investors are sending gold and silver higher Wednesday morning following Greek Prime Minister George Papandreou’s decision to force the issue and call for the Greek populace to vote on the latest EU debt resolution package. The October ADP Employment Report came in better than expected, easing concerns that the U.S. economy is falling into another recession.
Spot gold was sharply higher, up around 1.2% at 10:50 a.m., having hit a high of $1,744.50 and a low of $1,724.60 Wednesday morning. Spot gold was bid at $1,740.80 with an ask price of $1,741.80 per ounce. The morning reference price was fixed at $1,731 per ounce, according to Kitco market data.
Spot silver was some 2.3% higher, trading at $34.24 Bid, $34.34 Ask. The morning high as of time of writing was $34.43, and the low was $33.59. Wednesday’s reference price was set at $33.83 per ounce in the London a.m.
Gold and silver trusts were showing healthy gains in exchange trading.
