SMM Morning Review - 2011/11/9 Gold & Silver

SHANGHAI, Nov. 9 (SMM) -- COMEX December gold futures prices opened at USD 1,795.8/oz and closed at USD 1,799.2/oz on November 8th, up USD 8.1/oz or 0.45% from the previous trading day, and USD 4.2/oz higher than London’s USD 1,795/oz during the day. Highest and lowest COMEX prices during the day were USD 1,804.4/oz and USD 1,778.3/oz.

COMEX December silver futures prices opened at USD 35/oz and closed at USD 35.153/oz on November 8th, up USD 0.325/oz or 0.93% from the previous trading day, and USD 0.513/oz higher than London’s USD 34.64/oz during the day. Highest and lowest COMEX prices during the day were USD 35.345/oz and USD 34.54/oz.

Political turbulence in Italy further struck the country’s debt market, with its 10-year debt yield hitting 6.74%, a new high since establishment of the Euro zone. Meanwhile, the country’s Prime Minister said to resign after austerity measures pledged to the European Union were approved. Gold and silver prices reversed losses of the day as a result of haven demand. SMM expects gold and silver to climb further as investors doubt whether European leaders can solve their debt crisis.