SMM Morning Review - 2012/3/12 Gold & Silver

SHANGHAI, Mar. 12 (SMM) -- COMEX gold futures for delivery in April opened at USD 1,700/oz and closed at USD 1,711.5/oz on March 9, up USD 12.8/oz or 0.75% from the previous trading day, and USD 24/oz higher than London’s USD 1,687.5/oz in the afternoon. Highest and lowest COMEX prices during the day were USD 1,714/oz and USD 1,682.4/oz.

COMEX silver futures for May delivery opened at USD 33.9/oz and closed at USD 34.212/oz on March 9, up USD 0.412/oz or 1.22% from the previous trading day, while USD 0.342/oz higher than London’s USD 33.87/oz during the day. Highest and lowest COMEX prices during the day were USD 34.3/oz and USD 33.3/oz.

Gold and silver prices initially dropped on positive US economic data, but rebounded after International Swaps and Derivatives Association (ISDA) said will activate Collective Action Clauses (CAC) to increase Greek debt swap rate. After the Greek debt crisis is temporarily shelved, the second US FOMC meeting will start this Wednesday, which may deliver direction-changing polices. SMM expects gold and silver prices to stay at present highs.