Gold and Silver April 29, 2011 review and analysis
5:38 AM
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MARKET ROUNDUP
Precious metals soared to another record high on Thursday, as a falling dollar and signs that the Federal Reserve would maintain a loose monetary policy boosted precious metals appeal as a hedge against inflation and economic uncertainty.
IN FOCUS
- Holdings in the SPDR Gold Trust, the world’s largest gold-backed exchange traded fund, stood at 1,229.64 tonnes by April 28, remains unchanged from the previous business day.
- Holdings in the world’s largest silver backed exchange-traded fund iShares Silver Trust fell to 11053.20 tonnes by April 28, remains unchanged from the previous business day.
- The explosive growth of precious metalslinked exchange traded funds has prompted some market watchers to warn that those shiny investment vehicles could increase the speed and depth of a future crash.
FUNDAMENTAL OUTLOOK
Precious metals are trading higher today. We expect a further rise in the prices of precious metals on account of a weaker dollar overseas.
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