Commodities & Metals
Gold & Silver Finding Some Interest (SLV, GLD)
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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 above $1.507.00 per ounce, and silver was trading up almost $1.75 early this morning and back at $37.00 an ounce.
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
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