The Daily Resource 07/22/2008

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Precious Metals

Gold was up all day and, though it dropped to a low of $958 early in the New York session, picked up from there and rose slowly but steadily, finishing at $965.80/oz., up $11.20 from Friday. Overnight, gold is sharply higher.

Platinum blasted $30 higher in the European market, but the enthusiasm dissipated as soon as New York opened, and the metal gave it all back, ending at $1832/oz., up just $2. Overnight, platinum has been pushing higher.

Silver followed gold's path very closely, moving steadily higher after mid-morning to close at $18.41/oz., up 30 cents. Overnight, silver is trending higher.

After last week's declines, gold and silver got a boost on Monday, and started the week with a bang as the usual suspects supplied some help with crude starting up again and the dollar falling.

"The new week started out on a firm note in the precious-metals complex as a combination of geopolitics and weather boosted crude-oil prices," said Kitco's Jon Nadler.

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