The MERC was closed today in honor of Martin Luther King Jr.
Gold seems to be holding steady around $1360/oz. and silver has managed to stay above $28/oz. This in spite of an improvement from the US $ and succesful bond sales from both Spain and Portugal. Ben Bernanke, chairman of the Federal Reserve has also made some positive comments about the economic recovery in the United States.
Greece was recently moved to junk status, which has left some to wonder if Portugal and Spain will be heading for the same classification in the near future. The good news that Bernanke mentioned last week is hard to believe as an economic recovery that is not supplying jobs has to be short lived. Jobs are required for a healthy recovery in an economic environment. Time will tell, but that could be the explanation as to why the metals have been holding steady and not dropping to levels that some have been expecting.
At the end of the day the debt laden countries in Europe, and the US debt have not gotten any better. With talks amongst many leaders out there about an alternative to the US$ as a reserve currency, and some (China) taking action and making trade deals outside of the US $, it seems inevitable that gold will soar even higher when the smoke and mirrors clear for all to see.