Silver Surges to 30-Year High. Gold Above 1300

Comex gold rose above 1300 while spot silver surged to the highest level since 1980 as weakness in USD raised demand for the metals. Crude oil price has been choppy but remained within a range of 70-80 over the past few weeks. Currently trading around 75, the level is just what Saudi Arabia's King Abdullah desires and signals the largest oil producer, as well as OPEC, still has power to control oil prices through adjusting production. While the market awaits releases of US durable goods and new home sales data, confidence index in Germany surprised to the upside and lifted risk appetite slightly in European session.

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Silver Surges to 30-Year High. Gold Above 1300