Gold Soars To Near Six Month High As Silver Overtakes Stocks In 2012 [Zerohedge]
September 1, 2012 Leave a comment
A very noisy gappy day with much larger volume than in recent days (which all dried up in the afternoon session until the close – for the heaviest volume day in a month) in US equities. European comments lifted us early in a correlated-risk-on manner until Bernanke’s speech which hit markets like a meteor – stops were run up and down – but by the close equities and the USD ended fractionally lower from pre-Ben (notably up on the day to save the month for the Dow), Gold considerably up from pre-Ben, Treasury yields down notably from pre-Ben. Near six-month highs in Gold and five-month highs in Silver were the real movers today – with their largest gains in two months. VIX ended marginally lower at 17.5% (-0.3vols); credit was very thin today and tracked stocks in general (though less volatile); USD ended the week -0.5% which matches Oil’s +0.5% on the week as Copper underperformed. Silver has overtaken Stocks as the Year-to-date winner once again…
Gold vs Stocks vs USD vs Treasury yields… (arrows from pre-Ben to close)…7Y closed under 1%
