Gold and silver prices are slightly up in early U.S. trading Wednesday. The two precious metals dropped to three-week lows Tuesday and bulls are fading. The metals traders need a fresh fundamental spark to help drive price direction.
February gold futures were last up $1.20 an ounce at $1,284.60. March Comex silverwas up $0.095 at $15.42 an ounce.
News reports out of the annual World Economic Forum in Davos, Switzerland suggest a somewhat gloomy picture that the elite bigwigs attending are painting, and on several fronts. The U.S., Britain and China governments are not in attendance this year.
The U.S. government remains in partial shut-down mode with no agreement between the Democrats and President Trump to reopen it imminent. This is starting to drag on the U.S. economy, including the lack of fresh economic news to help drive many markets. Many of those markets are seeing some selling pressure due to the uncertainty created by the lack of fresh economic news.