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SMM Morning Review - 2012/3/8 Gold & Silver
Mar 8,2012 10:01CST
smm insight
Source:SMM
COMEX gold futures for delivery in April opened at USD 1,675/oz and closed at USD 1,683.9/oz on March 7, up USD 11.8/oz or 0.71% from the previous trading day.

SHANGHAI, Mar. 8 (SMM) -- COMEX gold futures for delivery in April opened at USD 1,675/oz and closed at USD 1,683.9/oz on March 7, up USD 11.8/oz or 0.71% from the previous trading day, and USD 6.4/oz higher than London’s USD 1,677.5/oz in the afternoon. Highest and lowest COMEX prices during the day were USD 1,686.4/oz and USD 1,672.8/oz.

COMEX silver futures for May delivery opened at USD 33/oz and closed at USD 33.585/oz on March 7, up USD 0.802/oz or 2.45% from the previous trading day, and USD 0.425/oz higher than London’s USD 33.17/oz during the day. Highest and lowest COMEX prices during the day were USD 33.6/oz and USD 32.8/oz.

Latest reports that 60% private investors agree to participate in the Greek debt swap mean debt restructuring of the nation is in order, which led to more pessimism towards a successful private sector involvement (PSI). Meanwhile, Fed’s Sterilized QE targeting property loans also helped gold and silver prices gain. Greek debt and US non-farm payroll data are near term market focuses. SMM expects weakness in the two precious metals.

More analysis available in the SMM Precious Metals Weekly 2012.
 

gold price
silver price
COMEX
Fed
QE
Greek debt
debt swap
PSI

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