Gold rebounds near $4,850 as the dollar pauses, while silver stabilizes near $85. Traders watch key support zones for signs of a broader metals recovery.
Gold and silver prices clawed back ground on Tuesday after suffering a historic selloff. Investor intentions in precious metals have not likely changed for the worse as of yet, said Deutsche Bank.
Gold advanced in early Asian trade on a likely technical recovery and dip-buying interest following its recent slump.
Wall Street is still forecasting gains for metals despite the sharp selloff.
Buying the dip was a profitable strategy for stock investors last year. Could it be the same for precious metals buyers this year?
Wild swings that swept through financial markets overnight eased after Wall Street opened for trading on Monday. U.S. stocks rose modestly following gains in Europe and sharp drops in Asia, while gold and silver prices rallied back from severe earlier losses.
Pinnacle Silver and Gold Corp (TSX-V:PINN) has closed the second and final tranche of its non-brokered private placement, raising C$1.53 million and bringing the total proceeds from the offering to C$2.6 million. Under the offering, the company issued 10.9 million units at C$0.14 per unit.
Neils Christensen has a diploma in journalism from Lethbridge College and has more than a decade of reporting experience working for news organizations throughout Canada. His experiences include covering territorial and federal politics in Nunavut, Canada.
Jim Wyckoff has spent over 25 years involved with the stock, financial and commodity markets. He was a financial journalist with the FWN newswire service for many years, including stints as a reporter on the rough-and-tumble commodity futures trading floors in Chicago and New York.
Neils Christensen has a diploma in journalism from Lethbridge College and has more than a decade of reporting experience working for news organizations throughout Canada. His experiences include covering territorial and federal politics in Nunavut, Canada.
Gold's plunge last Friday is not the end of its struggles. That's because, even in the wake of Friday's plunge, gold investors are still exuberant.
Neils Christensen has a diploma in journalism from Lethbridge College and has more than a decade of reporting experience working for news organizations throughout Canada. His experiences include covering territorial and federal politics in Nunavut, Canada.