SMM Morning Review - 2012/5/17 Gold & Silver-Shanghai Metals Market

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SMM Morning Review - 2012/5/17 Gold & Silver

SMM Insight 09:35:04AM May 17, 2012 Source:SMM

SHANGHAI, May 17 (SMM) -- COMEX gold futures for delivery in June opened at USD 1,544/oz and closed at USD 1,540.4/oz on May 16, down USD 16.7/oz or 1.07% from the previous trading day, and USD 8.1/oz lower than London’s USD 1,548.5/oz in the afternoon. Highest and lowest COMEX prices during the day were USD 1,551.9/oz and USD 1,527.8/oz.

COMEX silver futures for July delivery opened at USD 27.7/oz and closed at USD 27.2/oz, down USD 0.9/oz or 3.2% from the previous trading day, and USD 0.05/oz lower than London’s USD 27.25/oz for the day. Highest and lowest COMEX prices during the day were USD 27.9/oz and USD 26.8/oz.

The European Central Bank confirmed Wednesday rumors about suspension of liquidity operations at several Greek banks, but also indicated resumption of these operations after these banks complete capital structure adjustment. A Greek poll reveals its anti-austerity parties are winning more support, signaling a default by Greece and its exit from the euro zone may finally become reality. The US delivered positive data overnight, helping the US dollar retain strength. Gold stayed at the bottom and shed some losses. The precious metal is expected to continue weak performance on Wednesday.

Key Words:  COMEX   gold   silver 

SMM Morning Review - 2012/5/17 Gold & Silver

SMM Insight 09:35:04AM May 17, 2012 Source:SMM

SHANGHAI, May 17 (SMM) -- COMEX gold futures for delivery in June opened at USD 1,544/oz and closed at USD 1,540.4/oz on May 16, down USD 16.7/oz or 1.07% from the previous trading day, and USD 8.1/oz lower than London’s USD 1,548.5/oz in the afternoon. Highest and lowest COMEX prices during the day were USD 1,551.9/oz and USD 1,527.8/oz.

COMEX silver futures for July delivery opened at USD 27.7/oz and closed at USD 27.2/oz, down USD 0.9/oz or 3.2% from the previous trading day, and USD 0.05/oz lower than London’s USD 27.25/oz for the day. Highest and lowest COMEX prices during the day were USD 27.9/oz and USD 26.8/oz.

The European Central Bank confirmed Wednesday rumors about suspension of liquidity operations at several Greek banks, but also indicated resumption of these operations after these banks complete capital structure adjustment. A Greek poll reveals its anti-austerity parties are winning more support, signaling a default by Greece and its exit from the euro zone may finally become reality. The US delivered positive data overnight, helping the US dollar retain strength. Gold stayed at the bottom and shed some losses. The precious metal is expected to continue weak performance on Wednesday.

Key Words:  COMEX   gold   silver