The Gold & Silver markets spent yet another quiet week languishing in the summer doldrums essentially going nowhere fast with prices tightly bound within tiny ranges and even weaker trading volumes.
Bulls and Bears alike seem content to wait things out to see just whether something of significance will come to pass 2 weeks from now at month’s end during the Jackson Hole Symposium and ECB Policy Meeting.
For now, “The Song Remains the Same” (Markets = Dead Calm) as both sides of the trade sit idly “Waiting On a Friend.” (Bernanke QE On/Off?) Or “Waiting For the Sun.”(ECB Bailouts) (Thank you to The Led Zeppelin, The Rolling Stones, and The Doors)
Maybe next Tuesday’s FOMC Minutes Release (8/22/12 1:00PM CT) will give the markets something to hang their hats on? Don’t worry though or allow yourself to get lulled into a false sense of security from the boredom – the hyper-volatility will be back before we know it.
If you’re not familiar with the nuts and bolts of what actually comprises a Gold or Silver futures contract, or if you’re just looking for a quick refresher, check out the recent video I did for FuturesMag.com by clicking here:
Gold & Silver Futures: What They Are and Why They Matter (Silver margins have been slightly reduced since publication of this video - see GSS 8/09/12)
Please refer to the charts below for further commentary and analysis…
*Look for email alerts/market updates should conditions warrant or if/when environment allows.
DECEMBER GOLD (GCZ2) – WEEKLY CHART
SEPTEMBER SILVER (SIU2) – WEEKLY CHART
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By: Kurt Pfafflin