Silver, Gold Down

Silver down below $24.00/toz today. It was up in the $23-25 range last week.

According to Kitco News:

(Kitco News) - Gold and silver prices are moderately down in midday U.S. trading Thursday. The precious metals are feeling the pressure of rising U.S. Treasury yields and an up-trending U.S. dollar index. December gold was last down $6.30 at $1,968.70 and September silver was down $0.237 at $23.635.

The surprise downgrade of the U.S. government’s credit rating by Fitch has cast a pall over what was a generally upbeat summertime marketplace. The Fitch downgrade came amid no major changes in U.S. government policies or actions recently, but instead appears to be a recognition by Fitch of the bitter partisanship among lawmakers, including over raising the U.S. debt ceiling, in recent years. Some argue the Fitch news is just an excuse for the U.S. stock indexes to see downside corrections after recent good gains. As for rising bond yields this week, the Treasury yields have actually been trending higher (prices lower) since March. However, bond yields have accelerated their rise the past two days. JP Morgan chief Jamie Dimon, when asked about the significance of the Fitch credit downgrade to the U.S., replied that it did not mean much and that the true judge of U.S. creditworthiness is the markets.

This is a good time to buy more silver (and gold) during this price drop.

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