SMM Morning Review - 2011/11/15 Gold & Silver

SHANGHAI, Nov. 15 (SMM) -- COMEX December gold futures opened at USD 1,790/oz and closed at USD 1,778.4/oz on November 14th, down USD 9.7/oz or 0.54% from the previous trading day, but USD 2.4/oz higher than London’s USD 1,776/oz during the day. Highest and lowest COMEX prices during the day were USD 1,799.5/oz and USD 1,765.4/oz.

COMEX December silver futures opened at USD 34.8/oz and closed at USD 34.024/oz on November 14th, down USD 0.658/oz or 1.9% from the previous trading day, but USD 0.356/oz higher than London’s USD 34.38/oz during the day. Highest and lowest COMEX prices during the day were USD 34.9/oz and USD 34.024/oz.

After Italian debt yield surged to a record high, investors doubted whether the country is able to implement austerity measures. Further more, according to Moody’s, last week’s EFSF bonds were ill-responded, indicating limited ability of EFSF to support the European debt market. Gold and silver closed lower as a result of above negative news. SMM expects fluctuation in gold and silver prices to continue in the short term as investors are still uncertain towards results of the Euro zone bailout plan.