Silver and gold prices are taking a hit this morning as investors wait for the full outcome of the Greek elections. As it stands right now the pro-bailout parties do not have enough seats to secure a ruling coalition. In France, Sarkozy was defeated by the socialist candidate Hollande. Parliamentary elections are quickly approaching in France so it will be interesting to see how the full government shakes out.
The broader market is trying to temper early losses with the Dow down 49. The Nasdaq is off 5 and the S&P is down 3.
The current silver spot price is down 39 cents to $29.95. Gold prices are off nearly $6 to $1636.60 per ounce. Most investors are going to take a wait and see approach to see how the Sunday’s elections shake out. [Read more...]