Stark "Philly Fed" Boosts Gold and Silver
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Spot gold and silver are on the move today following the release of the Philly Fed survey data showing a contraction of manufacturing activity.
Negative manufacturing numbers can be bullish for precious metals because it indicates an increased likelihood of further Fed monetary policy easing - i.e. the 'bad news is good news' trade.
Gold is up 2.63 percent and silver is up 3.38 percent mid-day on Wednesday.
Gold and silver are often traded using the ETFs (NYSE: GLD) and (NYSE: SLV).
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Negative manufacturing numbers can be bullish for precious metals because it indicates an increased likelihood of further Fed monetary policy easing - i.e. the 'bad news is good news' trade.
Gold is up 2.63 percent and silver is up 3.38 percent mid-day on Wednesday.
Gold and silver are often traded using the ETFs (NYSE: GLD) and (NYSE: SLV).
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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