Precious Metals Rally on Bad Financial News

Precious metals have been bullish this week as Gold ($938.250, Platinum ($1,063.50), and Silver($13.52) gained better positions in line with more negative news coming from the financial industry. Silver and Platinum soared to record levels in a single day trading as Gold remained stable in the $900 position. "This is one of the best performance yet of these commodities after it hit lowest points third quarter last year." one trader said.The once-mighty UBS today confirmed investors' worst fears by declaring an £11.3bn loss for 2008 and announcing it would axe around a further 2,000 jobs at its shrunken investment bank.The bank made Swiss corporate...

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Platinum comeback to $1000 level, gold & silver remain steady

Platinum made a comeback after posting extensive gain since it slowed down mid-year 2008. The industrial metal made a $44 rise in a single day trading outperforming other commodities. Meanwhile, gold remained steady in the $900 after dipping the $800 level last week, silver gained its foothold on the $13 territory after one of its best performance last week.Bullion coins in the local market remain scarce as more and more people seek silver and gold in exchange of insurance and other paper investments on fear of becoming the latest victim of fraud and pyramid scams as investigation to Legacy Group get into deeper level.Latest information revealed...

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