Precious metals opened under selling pressure as the midweek trading session got underway this morning. Some early losses in oil and in gold were reversed following reports that the OPEC ministers failed to reach a consensus on production quotas
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Gold and silver are higher this morning with the dollar, the British pound and commodity currencies falling in value. It is too early to tell whether the recent margin driven, paper sell off on the Comex is over but demand remains robust.
Commodities staged a modest comeback late on Thursday and into Friday morning as a slightly weaker US dollar drew a few courageous bargain hunters into the ring looking for an opportunity for a short-term buck-making opportunity.
Amid further signs that not all is well in the world of commodities, values of various components that make up the complex continued to slide after having attempted a half-hearted recovery over the early part of the week.
The focus in the marketplace remains almost entirely concentrated on silver and the silver bubble's developing story. The CME hiked the margin requirements for silver speculation for the third time in a week.
Monday's trading in New York opened under selling pressure for all of metals in the complex. Gold fell $13.40 per ounce to start at $1,552.30 on the bid-side. Silver opened with a $2.94 per ounce loss and was quoted at $45 in fairly hectic early action.
Well, the Fed "giveth" less than some had hoped for, but it also "giveth" a roughly two-month reprieve to the dollar-carry/commodity-betting crowd. The parade on "Easy Street" thus continues amid noisy revelry.