On the heels of some wild trading in many key global markets, today acclaimed trader Dan Norcini told King World News, “It is a good question for people to be asking themselves, can gold and silver continue to stay firm in the face of weakness in the stock market, as well as the mining shares themselves? There are traders that have been buying gold in anticipation of stronger demand from India during Diwali, which is right around the corner.
“This buying has been helping gold recently. We also had an Israeli strike take place on a Hamas leader yesterday in the Middle-East, which also put a safe haven bid in gold. It is also worth mentioning that we saw some strength in the crude oil market yesterday and this also helped put a bid in the gold market.
"I think the Israeli action in the Middle-East, while it was very small in terms of the operation, it served to remind investors and traders alike that the world is balancing on a razors edge geopolitically. ..."