Precious Metals Post Biggest Single-Day Rally in over 2 Months

August 1, 2009



Yesterday, precious metals prices rallied to close the week on a positive note, representing the largest single-day surge in over 2 months. The action came after a week of decline pushed gold prices to support levels. The price of gold, silver, and platinum jumped above $ 950, $ 14, and $ 1,200 respectively, sending bullish signals to traders and investors.

Investors turned to precious metals as a safe haven as US economic data revealed that the US GDP fell by 1% in the second quarter.

Once again, platinum and silver stocks are just starting to outperform gold stock movements. Since July 13, our preferred platinum stock, Anooraq Resources (ANO) moved up over 30% compared to our preferred gold stock RBY, which advanced by merely 4%. We're expecting further gains for the next 2 weeks as both precious metals prices rally to new highs.






Reply to Post >>