The declines in the price of gold and the price of silver appear to be short-lived: Commerzbank


Editor’s Note: In just a few minutes, discover our quick summary of today’s hottest news and expert opinions that have shaped precious metals and financial markets. Register here!(Kitco News) The declines in gold and silver prices appear to be only temporary, with the uptrend wanting to push prices up, according to Commerzbank analyst Carsten Fritsch. “Gold and silver quickly recovered from yesterday’s setback, although they have yet to recoup all of their losses… The rapid recovery clearly shows that the market wants to push prices up, so a new offer for the record is likely, ”says Fritsch. The price drops also seem to trigger significant buying interest. “Yesterday’s price drop sparked considerable buying interest: Gold ETFs tracked by Bloomberg registered inflows of 17.5 tonnes. Nor were these limited to the SPDR Gold Trust, which accounted for around half of admissions. In addition, the entries reported yesterday were the most pronounced one-day in more than five weeks. Entries on gold ETFs totaled 148 tonnes since the start of the month. July hasn’t seen a single day of outflows so far, ”adds Fritsch.

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