Gold Prices Bounce Up To Fresh Three-Week Top Determined By Euro Debt Concerns, Silver Erratic

May 30, 2011 - PRLog -- Gold edged close to its strongest level in 3 weeks using the euro beneath pressure from concern over Europe's sovereign debt issues, while silver attained a two-week top, making up ground with bullion's gains. Europe's policy choices to avert a Greek debt default appeared to become dwindling, sparking worries of a chain reaction impacting other heavily indebted nations within the 17-nation currency bloc.

Specialists nonetheless believe that issues concerning the capability from the EU to handle Greece's sovereign debt issues and possible contagion to other peripheral nations will most likely be supportive for gold. Visit http://silver-dollar-values.com for more profitable silver and gold tips.

Following this heavy sell off in the starting of the month, silver is kind of retracing a number of these gains. Any time gold prices will go up, silver prices will go up even more. It is a little bit much more volatile than the gold marketplace. Spot gold is anticipated for a correction, because it might finish its present exhausted rebound about $1,536 per ounce, based on some marketplace analysts.

Silver struck an intraday high of $38.26 an ounce, its strongest because May 11, but there was hardly any activity within the physical sector. Silver caressed a record at $49.51 in late April prior to falling sharply on a wide-ranging sell-off in commodities and after exchange operators in Shanghai as well as New York raised the amount of cash needed to trade silver futures.
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Some speculators who got stuck throughout the last correction could be pleased to see this present price and silver is changing in tandem with gold, based on a physical dealer in Singapore. Traders hope there's some physical silver to sell following a brief break, then it'll be lucrative for them. Euro-denominated gold held close to a record just above 1088 euros an ounce reached on Wednesday.

The euro obtained some ground in opposition to the US dollar as a recovery in oil costs induced short covering, but uncertainty over debt issues in Greece along with other euro zone nations had been expected to limit powerful follow-up purchasing. The Greek government searched for consensus on Wednesday for difficult measures to leave the debt crisis as Greece's EU commissioner cautioned that its euro membership was at danger if it failed to consent to sacrifices. Visit http://silver-dollar-values.com for more profitable silver and gold tips.

Holdings of the biggest silver-backed ETF, New York's iShares Silver Trust , decreased 1.43 per cent from Tuesday to Wednesday, while, the biggest gold-backed exchange-traded-fund (ETF), New York's SPDR Gold Trust stayed unchanged for the exact same period.

China's gold generation is expected to become 400 tonnes this year and demand at 700 tonnes, the head of the country's biggest state-owned gold miner China National Gold Group stated on Thursday. You will find so very great reasons to buy precious metals like gold and silver now while the prices are still relatively inexpensive.

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