Gold and Silver Prices Lower as Investors Move Away from Safe Haven Investments

5:46 AM


July 18, 2016 --Gold and silver finished last week lower as the safe haven bid that provided the big boost in prices over recent weeks began to dissipate.

Precious metals markets enjoyed a big influx of buyers in the aftermath of the Brexit vote.
Speculators provide the fuel for big jumps in any market. But many of the new buyers are so-called “weak hands” -- momentum traders or investors with short term objectives. Some of them are drifting off to chase profits elsewhere now.

The action puts metals markets at a crossroads. Gold and silver bulls need to find some sort of catalyst in order to see higher prices in the near term. Maybe that catalyst will come from economic news. Or perhaps it will come from conflict -- like the attempted coup in Turkey and the continuing violence and unrest here at home.

Live prices at MoneyMetals.com show gold currently trading at $1,328.80 per ounce on the global market, and silver is coming in at $19.89.

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