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Short squeeze fades in precious metals, contrarians spot time to buy

Posted on 22 May 2013

The price of both silver and gold slipped back in London on Tuesday morning, cutting into yesterday’s rapid gains from four-year and one-month lows respectively.World stock markets stalled after hitting a series of near and new all-time highs so far this month.
The British pound fell hard – supporting the gold price in Sterling above £910 per ounce – after new data showed a slowdown in consumer price inflation. “These stunning upside reversals off fresh lows [in gold and silver] were somewhat justified,” says a note from brokers INTL FC Stone, “given that both were quite oversold.”…………………………….Full Article: Source


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