Even though the University of Michigan’s consumer sentiment report revealed and increase beyond what many analysts were expecting, confidence in the recovery and consistent growth of the U.S. economy is wavering. The major index composites ended the week in the red again and this adds to the string of weeks now that have closed out negative overall. The negative close also adds to the mixed economic data that has been posting lately that has helped to diminish investor confidence. The dollar also dropped lower during the last open trading session in the United States versus the euro, the Japanese yen and the British pound. This also helped to sway investor confidence in riskier stock options thus building more positive momentum for safe haven assets. Gold and silver prices benefited from this as trends moved in a positive direction for the two precious metals. The last trading session in the U.S. may be another negative day overall for stocks as the month prepares to close out as a loser overall. Safe haven appeal is likely to flourish if this happens and thus gold and silver can finished off the month stronger. Currently, the one month change status for gold is a positive 1.58 percent. Silver prices have still not been able to recover from the sell off at the beginning of May and the one month change status for silver is a negative 16.79 percent. Author: Camillo Zucari

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