$GLD and $SLV Prices as of August 20 2018 @moneymetals
8:32 AM
August 20, 2018 -- Gold and silver prices fell sharply last week after failing to hold at important technical support levels.
Most of the damage occurred Wednesday when silver dropped nearly $0.60/oz and gold lost nearly $20/oz. Both metals managed to firm up and recover slightly on Thursday and Friday.
Gold and silver plunged along with most commodities. Copper has now fallen more than 20% since June.
The plunge of “Dr. Copper” is a troubling sign for the economy, but you wouldn’t know it by looking at the equity markets. The S&P 500 fell sharply on Wednesday along with commodities but more than recovered by Friday’s close.
Hedge funds and other speculators in the gold futures markets have amassed the largest short position ever recorded.
That, at least, has the potential to be good news for metals investors.
The set-up is there for a powerful rally based on short covering if precious metals markets can find a catalyst to get prices moving higher.
Check out live precious metals prices here:
https://goo.gl/sggYF1
Most of the damage occurred Wednesday when silver dropped nearly $0.60/oz and gold lost nearly $20/oz. Both metals managed to firm up and recover slightly on Thursday and Friday.
Gold and silver plunged along with most commodities. Copper has now fallen more than 20% since June.
The plunge of “Dr. Copper” is a troubling sign for the economy, but you wouldn’t know it by looking at the equity markets. The S&P 500 fell sharply on Wednesday along with commodities but more than recovered by Friday’s close.
Hedge funds and other speculators in the gold futures markets have amassed the largest short position ever recorded.
That, at least, has the potential to be good news for metals investors.
The set-up is there for a powerful rally based on short covering if precious metals markets can find a catalyst to get prices moving higher.
Check out live precious metals prices here:
https://goo.gl/sggYF1
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