Gold, silver rally on safe-haven demand as U.S. banking sector spooked gold silver USbankingsector
- Gold and silver pricesare solidly higher on safe-haven buying interest as trader and investor risk aversion has quickly up-ticked amid a sharp drop in U.S. banking stocks today. U.S. Treasury yields have also dropped on flight-to-quality buying amid the higher anxiety in the marketplace. June gold was last up $31.20 at $2,022.70 and July silver was up $0.43 at $25.665.
Global stock markets were mixed overnight. Some European markets and mainland China remained closed for a holiday. U.S. stock indexes are sharply lower at midday. The U.S. stock index bulls were enjoying price uptrends on the daily bar charts but hit a major speed bump today. A Barrons story today says:"Markets seem convinced the Federal Reserve will deliver one more quarter-point hike Wednesday before a lengthy pause. But investors buying into that school of thought should heed a cautionary tale from Down Under. Australia's central bank shocked investors with a 25 basis-points hike Tuesday, also warning that more rises may be needed—sticky inflation was to blame.
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