SMM Morning Review - 2011/11/14 Gold & Silver

SHANGHAI, Nov. 14 (SMM) -- COMEX December gold futures opened at USD 1,759.7/oz and closed at USD 1,788.1/oz on November 11th, up USD 28.5/oz or 1.62% from the previous trading day, and USD 15.1/oz higher than London’s USD 1,773/oz during the day. Highest and lowest COMEX prices during the day were USD 1,790.2/oz and USD 1,749/oz.

COMEX December silver futures opened at USD 33.9/oz and closed at USD 34.682/oz on November 11th, up USD 0.576/oz or 1.69% from the previous trading day, and USD 0.912/oz higher than London’s USD 33.77/oz during the day. Highest and lowest COMEX prices during the day were USD 34.8/oz and USD 33.8/oz.

Though Greece and Italy changed their governments to help solve the Euro zone debt crisis, most investors thought the crisis had already deepened and therefore would lead to strong inflation pressures when being solved, which helped gold and silver close higher during the day. Globally easing monetary policies will remain a key driver of gold and silver prices. SMM expects both to be strong in the short term despite of fluctuations.