Gold & Silver Finding Some Interest (SLV, GLD)
Last week’s monumental drop in silver and the overall drop in commodities last week has some Monday morning buyers trying to find a bottom as new margin requirements kick in. Comes Gold was up over $15.00 early on and back…
Goldman Sachs is looking for a recovery in the commodities sector after some $99 billion of market value was wiped out last week in the commodities markets. Barclays said silver might go as low as the low-$30’s. On Friday came note from J.P. Morgan that oil supply issues might put oil around an average of $120 per barrel.
- UPDATE AT 4:00 PM CLOSE: the SLV closed up 7.25% at $36.98.
At 8:30 AM EST we have the iShares Silver Trust (NYSE: SLV) up about 3.8% at $35.82 on more than 1.3 million shares; SPDR Gold Shares (NYSE: GLD) is up 0.6% at $146.21 on only about 70,000 shares.
Keep in mind that silver’s drop has been about 30% in just about 7 trading sessions. There may be many bounces along the way. The trick is catching the bounce that is not a dead cat bounce.
JON C. OGG
Contact [email protected] for any questions or corrections.
Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.
