from GoldMoney.com:
Gold and silver moved further up the price chart yesterday, with the most-actively traded Comex gold contract (February) gaining $26.60 (1.6%) to settle at $1,726.70 per troy ounce. Silver for March delivery gained 62 cents (1.9%), settling at $33.74 per troy ounce. The HUI Index of gold and silver mining stocks put in a good showing following the FOMC news on Wednesday and continued higher early in the session yesterday. However, later on yesterday the shares faltered, which as some analysts have pointed out could be a sign that hedge funds lack confidence on the sustainability of this latest risk rally.
Certainly there have been times over the last few months when nascent stock market and commodity rallies have been snuffed out early following a burst of initial optimism – notably in late October last year, following signs that Europe’s leaders had arrived at a plan for restructuring Greece’s debts. The situation is different this time, however, in that the markets are stating to adjust to the fact that the world’s monetary authorities are not going to “deflate the bubble” (to coin a technical term).
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