Auguries—Penny Wise, Pound Foolish
April 5, 2012
By Kevin Michael Grace

Gold was down (at press time) $23.30 (-1.4%) for the week to $1,631.70, and silver was up $0.10 (+0.3%) to $31.68. Gold and silver recovered Thursday after falling 3.5% and 6.7% respectively Wednesday, which Bloomberg attributed to “signs that the Federal Reserve won’t provide more US economic stimulus, boosting the dollar and eroding the appeal of precious metals as alternative investments.”

According to Frank Lesh of FuturePath Trading, “The market has decided that yesterday’s statement is probably the final nail in the coffin” for those counting on another round of quantitative easing. Lesh could be right, but it is important to note that “yesterday’s statement” was actually made March 13.

Read more about gold prices and the junior sector.