PRECIOUS-Silver and gold lurch higher after an early dive

Gold and silver market update for Monday, May 20. Both gold and silver had a roller coaster session Monday. Silver’s opening was especially heart-wrenching in which it tested a 2-1/2 year low. Gold threatened a 8th-straight decline and retesting of its April 16 low before rebounding $10 an ounce by the middle of the day. One reason cited for the bounce in silver was a big sell order at the beginning of the day – once the silver price went low enough though, automatic “buy” orders were triggered. Both markets will be anxiously awaiting Fed Chairman Ben Bernanke’s testimony before Congress this coming Wednesday. Read more…