Gold & Precious Metals Lower In Bloodbath Today
Precious Metal Futures--- Precious metal futures in New York this morning are plummeting with gold selling off by more than $48 dollars an ounce currently in the August contract at 1,567 as investors are disappointed in Ben Bernanke comments yesterday talking about extending the twist program which was disappointing to traders also lowering GDP forecast which was negative stocks and commodities. Silver futures are down $1.54 dollars right at session lows at 26.80 in the July contract breaking the old lows of 27.07 on a closing basis which is very bearish on the daily charts while copper prices broke out earlier in the week only to succumb to pressure down another 900 points trading at 330.10 a pound also looking bearish on the daily charts once again. Platinum futures for the October contract are down for the 3rd consecutive trading session trading at 1,444 down another $30 an ounce in sympathy with the rest of the energy and precious metals sector which has really broken down in the last couple of days. The fact that the GDP was lowered by the federal government tells you that the economy is sluggish and that is bad news for copper prices as well as many other commodities especially after the run-up we've had in recent days on speculation that QE3 was on its way. I am neutral the precious metals sector because there are no trends currently so I still advise to sit on the sideline and wait for a trend to develop. If you are looking for a futures broker feel free to contact Michael Seery at 800-615-7649 and he will be more than happy to help you with your trading.
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