SMM Morning Review - 2011/8/18 Gold & Silver

SHANGHAI, Aug. 18 (SMM) -- COMEX December gold futures prices opened at USD 1,788.8/oz and closed at USD 1,793.8/oz on August 17th, up USD 8.8/oz or 0.49% from previous trading day, and USD 3.8/oz higher than London’s USD 1,790/oz during the day. Highest and lowest COMEX prices during the day were USD 1,796.9/oz and USD 1,784.4/oz.

COMEX September silver futures prices opened at USD 40/oz and closed at USD 40.351/oz on August 17th, up USD 0.551/oz or 1.38% from previous trading day, and USD 0.331/oz higher than London’s USD 40.02/oz during the day. Highest and lowest COMEX prices during the day were USD 40.5/oz and USD 39.8/oz.

Gold and silver closed higher again on August 17th after Venezuela said to nationalize its gold industry in order to build up its international reserve and Swiss central bank said to provide more liquidity to limit appreciation of the Swiss Franc. Market worries towards the European debt crisis and global economy slow down have mad gold a better choice for risk aversion, and SMM expect gold and silver prices to keep fluctuating at high levels with a positive outlook.