SMM Morning Review - 2011/9/22 Gold & Silver

SHANGHAI, Sept. 22 (SMM) -- COMEX December gold futures prices opened at USD 1,806.6/oz and closed at USD 1,808.1/oz on September 21st, down USD 1/oz or 0.06% from previous trading day, and USD 15.1/oz higher than London’s USD 1,793/oz during the day. Highest and lowest COMEX prices during the day were USD 1,816.6/oz and USD 1,782.6/oz.

COMEX December silver futures prices opened at USD 39.8/oz and closed at USD 40.5/oz on September 21st, up USD 0.363/oz or 0.9% from previous trading day, and USD 0.25/oz higher than London’s USD 40.25/oz during the day. Highest and lowest COMEX prices during the day were USD 40.7/oz and USD 39.6/oz.

US Fed launched a USD 400 billion operation twist overnight, but did not expand its balance sheet scale, nor did it show any interest in launching QE3, which disappointed investors, with stock prices plunging and the US dollar index climbing. Selling for gold and silver also increased. However, as investors still doubt the long-term effect of this operation twist, gold and silver prices are expected to remain weak.