Gold and silver both opened sharply lower this morning after leaked news from the G20 summit indicated limited currency devaluation in the coming future.
The world’s leaders will be keeping a sharp eye on monetary policy-spillover and how it affects currency valuations worldwide.
As currency devaluation typically leads to higher gold and silver prices, both metals fell on the news of the leaked statement.
At present, gold is sitting at $1,606, down $28 from the open and currently at a six month low. Silver has also slipped, falling $0.43 to $29.87 even. It will be interesting to see how the remainder of the day plays out, as both metals have heavy support at these price levels.
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