Gold and Silver Both Break Through Hard Ceilings

November 23rd, 2012 by

The precious metals algorithms on Wall St. all decided to hold their own Black Friday buying binge today, with gold and silver both taking off vertically at the same time. Gold jumped from $1,735/oz to $1,744/oz in the space of one minute, and silver likewise made a similar percentage jump over the span of a couple of minutes.

Gold never looked back after crossing $1,745/oz at 10:20 AM, flirting a few times at the $1,750 ceiling before crossing it around noon, and staying above that mark for the rest of the abbreviated trading day.  Around the same time, silver crossed the $34 mark and settled down there.

In the Kitco weekly gold survey, 73% of respondents were bullish, expecting gold to rise next week over today’s prices, while 21% were neutral and only 5% thought prices would drop next week. The bullish experts cited continued gold buying by central banks, as well as extremely loose economic policy in the U.S. and Japan.

by David Peterson