Gold and Silver Hold on to Some of Their Gains Despite Recent Price Weakness

7:54 AM


July 26, 2016 -- Wall Street had a quiet day yesterday -- with much of the nation's attention focused on fireworks at the Democrat National Convention and the scandal surrounding the DNC's hacked emails. Stock markets ended the day down slightly, along with crude oil and precious metals. Despite the recent weakness, gold and silver are still holding on to some of their gains since the beginning of June.

Meanwhile, the action in markets promises to pick up later in the week. Investors will get a look at some key reports on Housing, Durable Goods Orders, and the first estimate of 2nd quarter GDP. And on Wednesday, the Fed will finish its next meeting and hold a press conference.

Experts are forecasting mixed results -- declining Durable Goods orders, strong home sales, and some improvement in GDP relative to a weak first quarter performance. Almost no one expects Fed officials to make any changes to interest rate policy -- keeping the Fed Funds Rate below half a percent.

Live prices at MoneyMetals.com show gold currently trading at $1,321.60 per ounce on the global market, and silver is coming in at $19.69.

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