Healthy consolidation in gold and silver

After the post-liberation day volatility, all markets seek direction. However, the signs are that the negative trend for equities and bonds, and positive trend for PMs will continue in time.

This week, consolidation has continued for gold and silver. In early European trading this morning, gold was $2321, up $83 from last Friday’s close after hitting a high of $3438 on Tuesday. Silver was $32.58, up 60 cents over the same timescale. Trade on Comex was light to moderate, with the price action being increasingly driven in Shanghai.