SMM Morning Review - 2011/8/22 Gold & Silver

SHANGHAI, Aug. 22 (SMM) -- COMEX December gold futures prices opened at USD 1,827.2/oz and closed at USD 1,852.2/oz on August 19th, up USD 30.2/oz or 1.66% from previous trading day, and USD 4.2/oz higher than London’s USD 1,848/oz during the day. Highest and lowest COMEX prices during the day were USD 1,879.8/oz and USD 1,825/oz.

COMEX December silver futures prices opened at USD 40.6/oz and closed at USD 42.5/oz on August 19th, up USD 1.8/oz or 4.42% from previous trading day, and USD 0.52/oz higher than London’s USD 41.98/oz during the day. Highest and lowest COMEX prices during the day were USD 43/oz and USD 40.6/oz.

Gold hit a record high and silver also broke through previous fluctuating range on August 19th due to increased investor worries towards European debt crisis and stagnating US economy. Market focus will be US Fed president Bernanke’s yearly conference remarks, and the market still expects providing of the third round of quantitative easing (QE3). Therefore, SMM expect gold and silver to remain strong in the short term.