Gold and Silver Soar on Sinking Stocks

Gold and Silver IngotsGold is off to a great start this week! After struggling just below $1200 for weeks, gold prices began to pick up Monday as stocks slid. Tuesday, the yellow metal hit a six-week high, closing at $1,232 an ounce. Meanwhile silver surged by more than 5%.

Bloomberg gave their 2-cents on gold’s recent performance, saying:

“Since Nov. 7, the metal has climbed 9 percent from a four-year low. Signs that central banks in Europe and Asia will increase money supply reignited gold’s appeal as a store of value. Swings in oil prices are increasing bullion’s volatility as traders judge the outlook for inflation.”

Does this signal a change in the market tides, or is it just another temporary wave?

Here’s what  James Cordier, the founder of in Tampa, Florida, had to say:

“Stimulus from every corner of the global economy is now entrenched, and that’s bullish for precious metals. This is a change of sentiment in a huge way, because investors stopped looking at U.S. interest rates possibly rising next year, to see the fact that every other major economy is easing at a breakneck pace to try and quell the slowdown.”

Other Favorite Posts You Might Like...

Gold stocks drag TSX lower By Toronto Star The gold sector led TSX decliners, down just over four per cent as the strong U.S. economic data helped push June bullion on the New York Mercantile Exchange down $25 to $1,575.90 (U...
The Great Gold Bust Who needs gold when you've got, umm, Ben Bernanke...?read more more Source: Pipe- Gold Feeds
Coronet Metals Leases Liberty Precious Metals Test... Coronet Metals Inc. (TSXV:CRF, OTCQX:CORMF) announced that they have leased, with an Option to Purchase, the Liberty Precious Metals Testing and Processing Facility.Continue reading... more S...