Asian stock markets followed their US counterparts in falling overnight and after an initial rally in Europe, indices are again under pressure (especially the FTSE which is down another 1.8%). Gold has fallen as well but not by as much as most equity indices. While US indices were down between 4% and 5% yesterday, gold was only down by $3.00 to $938.80/oz.
Here is a Yahoo video where TSC's Debra Borchardt takes a look at the silver market and where it might go. Everyone agrees that gold is on a long term rally with occasional pullbacks; but what about silver?
Gold rose sharply in Asia and was up by more than $10 per ounce before trading even commenced on the TOCOM – it rose from $941.60/oz to nearly $960/oz but has given up some of those gains in early trading in London and is now trading back at $950/oz. Gold and silver fell over 5% and 9% last week after surging in the previous weeks and remain up nearly 8% and 17% so far in 2009. In the short term anything can happen in all of these markets and volatility remains very high in all markets. Correction and consolidation was expected and warned of.
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