Silver Bounces from 3-Week Lows as Syria "Averted", Fed Meeting Looms
NEW YORK (Sept 11) WHOLESALE bullion prices bounced on Wednesday from new 3-week lows as the US cancelled a Congressional vote on Syria, and traders pointed to next week's expected "tapering" of quantitative easing by the Federal Reserve. Oil prices and other commodities also stemmed this week's drop. World stock markets rose sharply. Trading volumes were "thin", bullion dealers said, with one calling the markets "very quiet" but other reporting "some light physical interest" from Asian stockists as prices fell. "Syria for now remains a lingering underlying bullish factor" for gold and silver."
By 3:00 pm (New York time) spot silver added 18 cents to $32.13, while lost $6.50 to $1,473 -- and dropped $7 to $688/oz.