Gold and silver soar on expected rate rise delays
Gold gained $20.19 to $1264.09 at about 10AM EST before it chopped back lower at times, but it still ended with a gain of 1.46%. Silver jumped to as high as $17.088 and ended with a gain of 3.9%.
Precious metals soared overnight as the likliehood of the U.S. Federal Reserve raising interest rates in the coming month, or months, continues to fall.
Gold for August delivery jumped 1.4% to US$1263 an ounce.
Silver leapt over US$17 an ounce for the first time in three weeks.
Gold ended the U.S. day session solidly higher and scored a three-week high Wednesday. The precious metals were boosted by bullish outside markets that saw higher crude oil prices and a lower U.S. dollar index. In fact, most of the raw commodity futures markets were in rally mode today, which added to the upside pressure on the metals. August Comex gold was last up $16.10 an ounce at $1,263.10. July Comex silver was last up $0.611 at $17.00 an ounce.
The greenback bears have gained downside momentum as dollar index prices hit a four-week low today. Meantime, Nymex crude oil futures prices hit a seven-month high and are trading just above $51.00 a barrel.
George Soros has made big, bearish investments, including gold and gold-miner stocks: WSJ
Billionaire investor George Soros recently directed a series of "big, bearish investments" after a long break from trading, the Wall Street Journal reported, citing people close to the matter.
Soros Fund Management, which manages around $30 billion for the Soros family, sold stocks and bought gold and shares in gold miners, amid a "gloomier" view of the global economic outlook and the potential for large market moves, the WSJ reported.
In an interview by email with the news outlet, Soros noted particular concerns over capital flight from China, as well as how the mainland's political milieu may prevent lasting reform.
Soros was also concerned that a combination of the migration crisis, Greek challenges and the U.K.'s potential exit could lead to the European Union's collapse, the WSJ report said.
Reference: Kitco, Proactive Investors, Xinhua
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