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SMM Morning Review - 2011/11/22 Gold & Silver
Nov 22,2011 09:58CST
smm insight
Source:SMM
COMEX December gold closed at USD 1,670.7/oz, down USD 46.5/oz or 2.7%, COMEX December silver closed at USD 31.116/oz, down USD 1.284/oz or 3.96%.

SHANGHAI, Nov. 22 (SMM) -- COMEX December gold futures opened at USD 1,725.1/oz and closed at USD 1,670.7/oz on November 21st, down USD 46.5/oz or 2.7% from the previous trading day, and USD 32.7/oz lower than London’s USD 1,702/oz during the day. Highest and lowest COMEX prices during the day were USD 1,725.1/oz and USD 1,670.7/oz.

COMEX December silver futures opened at USD 32.4/oz and closed at USD 31.116/oz on November 21st, down USD 1.284/oz or 3.96% from the previous trading day, and USD 0.216/oz higher than London’s USD 30.9/oz during the day. Highest and lowest COMEX prices during the day were USD 32.4/oz and USD 30.8/oz.

Moody’s warned against France’s AAA rating, citing climbing debt yields and dim economic outlook as concern. Investors also worry about Italian and other debt-ridden Euro zone countries and expect that the US super committee may not be able to strike a deal on deficit-reduction before the deadline. Both European and U.S. stock markets shed over 3% during the day’s trading. Gold and silver holders also sold the two metals to cover losses in stock markets and meet margin requirements in other markets, with gold and silver prices closing lower overnight. SMM expects gold and silver to head downward in the short term as fluctuation continues.

gold price
silver price
Euro zone debt crisis
COMEX
super committee
deficit-reduction

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