Wednesday, June 29, 2011

Investing in Precious Metals: Silver and Gold (NASDAQ:RGLD, NYSE ...

By Emily Knapp
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Gold (NYSE:GLD) futures started the week with a slide to below $1,500 at close Monday, a 5-week low for the commodity, down over $50 from May. Allayed fears over Greece?s debt situation have sent investors back into regular markets, with the Dow (NYSE:DIA), S&P (NYSE:SPY), and Nasdaq all up.?According to market strategists, gold usually moves inversely to the markets. Gold prices were pushed up high last month because of economic fears, and?as investor sentiment improves with positive economic news, gold is no longer needed as a safe-haven.?For more analysis on our support levels and ranges for gold and silver, consider a free 14-day trial to Wall St. Cheat Sheet?s acclaimed Gold & Silver Investment Newsletter.

Furthermore, as the U.S. dollar (NYSE:UUP) has been strengthening against other currencies, the cost of gold in other markets has had traders cashing out to cover their losses. A stronger dollar can also make futures more expensive for buyers using other currencies.

Silver (NYSE:SLV) also dropped today, with the July-delivery contract down 3% to $33.59 a troy ounce.

For more analysis on our support levels and ranges for gold and silver, consider a free 14-day trial to Wall St. Cheat Sheet?s acclaimed Gold & Silver Investment Newsletter.

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Source: http://wallstcheatsheet.com/trading/investing-in-precious-metals-silver-and-gold.html/

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