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Thus far this week the volatility has continued in the precious metals markets. We have traded a $24.70 range in Gold as investors continue to watch and speculate as Greece’s fiscal crisis continues to fuel the precious metals markets. European Central Bank President Jean-Claude Trichet has advised Greece to take more aggressive fiscal measures saving $4.8 Billion Euros prior to pledging support to Greece from the European Union. This scenario has sent mixed signals to traders. Many traders are speculating that a bail-out will strengthen the Euro ratio versus the U.S Dollar and therefore raising the appeal for Gold. While others believe that Greece is only the beginning to future European bail-outs. Portugal, Spain, and Ireland are struggling with their own fiscal responsibilities. This scenario would pressure the Euro and make the U.S Dollar more appealing.
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