SMM Morning Review - 2011/11/18 Gold & Silver

SHANGHAI, Nov. 18 (SMM) -- COMEX December gold futures opened at USD 1,764.9/oz and closed at USD 1,720.2/oz on November 17th, down USD 54.1/oz or 3.05% from the previous trading day, and USD 21.7/oz lower than London’s USD 1,742.5/oz during the day. Highest and lowest COMEX prices during the day were USD 1,768/oz and USD 1,712/oz.

COMEX December silver futures opened at USD 33.6/oz and closed at USD 31.497/oz on November 17th, down USD 2.303/oz or 6.81% from the previous trading day, and USD 1.803/oz lower than London’s USD 33.3/oz during the day. Highest and lowest COMEX prices during the day were USD 34/oz and USD 31.055/oz.

Fitch Rating’s warning that US banks are exposed to European debt risks and a Euro-era high debt yield for Spanish debt auctioned on November 17th added to worries that the European debt crisis is worsening. Gold saw a largest drop during recent 7 weeks and silver plunged over 6% as a result. SMM expects gold and silver to fluctuate downward as economic risks from Europe are rising.