Gold & Silver Not Crowded Trades as J.P.Morgan Materially Cuts Short Silver Position Says Source

Commodities / Gold and Silver 2010 Dec 14, 2010 - 09:20 AM

By: Adrian_Ash

THE PRICE OF GOLD rose to 1-week highs above $1400 per ounce overnight in Asia on Tuesday, rising as the Dollar fell on the forex market, before slipping back after new data showed much stronger-than-expected US retail sales and factory-gate inflation for November.

Crude oil slipped from $88.70 per barrel, and base metals also dipped.

Wholesale silver investment bars dropped 50 cents from $30 per ounce after extending Monday's rally – and gaining 4.3% from last week's finish – as the Financial Times reported that market-making brokerage and bank J.P.Morgan has “materiallyâ€