Gold & Silver Price Today – September 17th 2012

It was rather a calm day today as far as the gold and silver prices are concerned. The metals need a short break here, after 4 consecutive weeks of strong gains. The impressive gains of the end of past week, after “QE to infinity” was announced, need to be digested. A month ago, on the 17th of August, the gold price in US dollars dipped below 1,600. The gold price today closed at 1,764.70 on average volume.  As Reuters reports today, the precious metals held more firm than the other commodities, which is a sign of strength and believe in the safe haven character of gold & silver.

Silver had a similar price evolution today. Just like the yellow metal, silver has been rising for 4 weeks in a row. One month ago on the 17th of August, the silver price stood at 27.50 US dollar. Today’s close of the spot price at 34.28 means an impressive gain of 24% in just one month. It’s not unreasonable to see a break here. Dan Norcini reported today how the speculative participants (hedge funds primarily) are abandoning their short positions and going long. Dan believes that’s a driving force in the precious metals markets pushing prices higher.

The additional chart of today is the monthly gold price chart, going back to the beginning of this bull market. You clearly see how gold recently touched the 20 day moving average a couple of times but did not break through it. Although it happened several times in the past 10 years, it is clear that this time smart money has been buying abundantly gold during the dips. The chart below shows one of the most powerful bull markets in history … and it suggests the run is far from over.

 

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