As evidence of the drubbing precious metals took on Tuesday, June gold fell $33.70.
All funds today are trading up near 3% midday, thanks to speculators and bottom-fishers, highlighting the volatility in commodities. The dollar dipped back down, crude oil bounced higher and both incidents reignited demand for gold and silver, reports Allen Sykora for Dow Jones Newswires.
Copper also moved higher on Wednesday, Sykora reports, although experts can’t seem to agree on why. Some say it’s a matter of technical buying or a result of overall precious metal-market strength, others say it’s a result of ideas that the U.S. economy could be in a state of recovery.
For full disclosure, some of Tom Lydon’s clients own shares of GLD.
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