Gold Price Breakout Ahead
By Tim Iacono: Trading in an increasingly tight range that is likely to resolve itself in a big move up or down sometime next month or so, precious metals ended little changed for the week after prices were pushed lower by futures traders who were disappointed that Fed chief Ben Bernanke offered no strong signals about more money printing while testifying before Congress. The bullish news came late in the week that the Russian central bank had once again added to its gold holdings.For the week, the gold price fell 0.3 percent, from $1,589.40 an ounce to $1,584.00, and silver fell a penny, from $27.34 an ounce to $27.33. Gold is now up 1.1 percent for the year, down 17.6 percent from its 2011 high, and silver is 1.9 percent lower in 2012, down 44.8 percent from its peak last year.Though most analysts continue to think another round of stimulus fromComplete Story »
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