Silver At Two Week Low

MineWeb reported the price of gold and silver trading down to  a two week low, closing at $1565 per ounce and $26.75 per ounce respectively. The drop was caused by disappointment over the latest US Federal Reserve monetary policy.

As quoted in the press release:

Silver bullion also gave back the last of July’s rally to date, trading down to $26.75 per ounce.

Bank of America-Merrill Lynch’s head of global commodity and multi-asset strategy research Francisco Blanch commented:

We believe that ultimately the Fed will be forced to do quantitative easing. If it happens in September, as our economists expect, we will get a rally sooner in gold.

Click here to read the full MineWeb report.