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Daily Update: Gold, silver prices pull back from overnight gains

Gold and silver prices are trading near steady in early U.S. dealings Wednesday and lost moderate overnight gains. The silver market is on fire this week and overnight pushed to a nearly three-month high above $18.00. As has been the case in recent weeks, gold and silver prices are holding their own at the same time the U.S. stock indexes are solidly higher. June gold futures were last up $1.80 an ounce at $1,747.50. July Comex silver prices were last up $0.014 at $17.925 an ounce.

Global stock markets were mixed in overnight trading. U.S. stock indexes are pointed toward solidly higher openings when the New York day session begins. Trader and investor enthusiasm is just a bit muted at mid-week after the initial optimism regarding a successful phase-one Covid-19 vaccine test performed very well. The majority of medical experts still believe any proven vaccine is at least one-year away.

Despite continued dour economic data being released from the major world economies, and reports that the pandemic in Brazil is careening out of control, world stock markets are performing well. It’s likely a case of traders/investors having “pandemic-fatigue” and are in denial of what is occurring and will continue to occur in the coming months, or they were hit with the Covid-19 shock so hard that within a period of just a few weeks they factored into market prices a worst-case scenario, and now the markets are recovering because such a scenario is not playing out—at least not yet. Maybe some of both.

 

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