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Gold & Silver Keep Gains After Huge Rally

September 19, 2013 at 23:43 by Vladimir Vyun

Gold maintained most of its gains after yesterday’s huge rally. Silver continued to go up. The precious metals surged yesterday after the US Federal Reserve left its stimulus program without changes. It was a surprise for market participants who have expected some form of stimulus tampering.

Gold has lost 18 percent this year. It is hard to believe that the bullion will be able to erase the losses by the year-end. The current period of year is considered to be bullish for the metal, according to seasonal studies, and the weakness ahead of the Fed’s decision let analysts speculate that this is a bear year for gold.

December futures for gold were hanging little changed at $1,367.9 per troy ounce as of 23:40 GMT on COMEX today. Silver contract had another massive thrust up by $1.61 (7.45 percent) to $23.17 per ounce.

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