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Precious Metals Rally, Silver Does Not Follow

November 19, 2013 at 21:25 by Vladimir Vyun

Gold rallied today, followed by platinum and palladium, while silver fell. The outlook for potential Federal Reserve stimulus tampering changes every day. Yesterday, traders speculated that it may happen soon, yet today the view prevailed that tampering will be delayed. As a result, commodities demonstrated a “relief rally”.

Platinum also rallied as the major South African energy utility was experiencing problems. Eskom, which supplies almost all of South Africa’s electricity, said that it will try to avoid blackouts, but urged clients to limit usage of power and switch to alternative sources. The company announced on its website:

Eskom is not doing rotational load shedding, but we are making schedules available on the load shedding website as a precautionary measure.

December contract for gold added $0.5 (0.04 percent) to $1,272.8 per troy ounce as of 21:21 GMT on COMEX today. At the same time, silver lost $0.04 (0.21 percent) to $20.32 per ounce. Spot price for platinum was up $8.98 (0.64 percent) to $1,419.13 per ounce and spot price for palladium rose $4.24 (0.59 percent) to $720.45 per ounce.

If you have any questions and comments on the commodities today, use the form below to reply.

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