Kaufmann-Rothstein International Still Optimistic Despite Silver and Gold Futures Slip
Kaufmann-Rothstein International is still looking forward for a positive outlook towards precious metals, particularly gold and silver futures after it slipped last week as the dollar climbed higher, according to Ms. Lindsay Kornemann, the Kaufmann-Rothstein International's Chief Operation Officer.
- (1888PressRelease) July 05, 2011 - Kornemann assertion was in accordance to the statement made by Fed Reserve Chairman Ben Bernanke acknowledging a slow US economic growth, which results to slipping gold and silver futures.
Speaking recently, Fed Reserve Chairman Bernanke claimed that the US economy will experience improvement on the third quarter of the year; however, the improvement will be slow. Bernanke also claimed that accommodative financial policies are still necessary but cease recommending for more quantitative reduction, which may result to a boost for commodity prices.
Soon after Bernanke delivered his speech, a sizeable slip in Gold and silver futures was recorded. Metal market has it that the gold for August delivery, which is also known to be the most active contract, fell from $5.20 to $1, 538.70 an ounce while the Silver for July delivery has also plummeted 54 percent or 1.5 percent to $36.51 an ounce.
"Speaking on behalf of the commodity brokers, we were slightly distracted about Chairman Bernanke's speech that hinted about potential quantitative moderation. As it was, while he tried to be cautious on the US economic outlook, he did not show any concern for foreign exchange, commodity and even equity markets. On the other hand, we are still hoping that metal futures can react the other way around and will surge up instead in the coming months," remarked Kornemann.
The drop for metals futures, particularly gold and silver determined as oil prices have also seen slipping below $99 per barrel in the midst of assumption that the Organization of the Petroleum Exporting countries will increase production quotas at a meeting held in Europe.
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