Money Metals Exchange - Welcome to this week's Market Wrap Podcast, I'm Mike Gleason.
Coming up we'll talk to our friend David Morgan of The Morgan Report. David has some important things to say about the silver market, the supply situation, and a new technology that could be a major game changer in the mining industry. Don't miss my interview with the Silver Guru, David Morgan, coming up after this week's market update.
Well, this week brought some significant developments in the markets. The stock market broke to the downside while precious metals caught a safe-haven bid and rallied.
On Thursday, the Dow Jones Industrials closed below 17,000 after falling 358 points on the day. The move took out the Dow's January lows and brought the blue-chip average to a fresh new low point for the year. The technical breakdown in the Dow could portend more trouble ahead for stock market investors.
Clearly, some investors are now rotating out of stocks and into precious metals. Gold spot prices advanced $40 through Thursday's close. As of this Friday morning, gold trades at $1,150 an ounce, up a healthy 3% on the week. Gold emerged from its summer doldrums to become the premier safe-haven asset to own - at least for this week.
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