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28 March 2011

Gold and Silver Recover Early Losses as MENA and Euro Debt Worries Simmer

Early trade in London saw precious metals ease as positive US data hits safe haven assets, loses recovered as Euro debt worries show signs of re-emergence

Gold and Silver showed slight losses in London this morning, attributed by some media, in the absence of anything more obvious, to last weeks improved US growth figures. However losses were recovered by afternoon trading as European debt worries simmered.

With the BBC reporting that Economists expect Greek default it seems that European debt worries may be moving back into the markets consciousness. Precious metals may benefit on recent reports of Portuguese bailout. As rumors of a Spanish rescue package ebb and flow, Middle East / North Africa tensions are likely to continue to be supportive.

Bloomberg reported this morning that Silver held in ETF products rose 194.68 metric tons to 15,382 tons on March 25, which is the highest level since at least February 2010. It was also reported that the Gold / Silver ratio fell to a 28 year low as an ounce of gold bought as few as 37.94 troy ounces of silver in London last week.

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