-- Posted Friday, 29 May 2009 | | Source: GoldSeek.com

August Gold closed up 17.1 at 980.3. This was 8.1 up from the low and 1.7 off the high.

July Silver finished up 0.45 at 15.61, 0.06 off the high and 0.23 up from the low.

A big range up extension in the gold contract on Friday caught the attention of the media and at times even seemed to be a drag on equity prices. However, with energy and precious metals pricing rising in sync and a massive Dollar slide also thrown into the equation, the bull camp in gold seemed to have a number of angles to justify the strength in prices. With the oil price gains and the slide in the Dollar, the metals trade seemed to be catching an inflationary. However, because so many currencies made such significant gains against the Dollar on Friday the markets seemed to think that something major was in the works on the Dollar front.

It goes without saying that the sharp slide in the US Dollar fostered a large portion of the buying interest in the silver market on Friday. However, ongoing strength in energy prices also seemed to whip up either inflationary buying or simply fund based buying of silver. With the copper market posting some pretty impressive gains one might also suggest that copper was seeing broad based buying off the hope for an improvement in industrial or physical demand. With so many bullish potentials this week it wasn't surprising to see that July silver on the week managed a rise of almost $1.00 an ounce.

- The Hightower Report, Futures Analysis and Forecasting

-- Posted Friday, 29 May 2009 | Digg This Article | Source: GoldSeek.com

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