Gold & Silver Fall as US Stocks Slide on Lehman Woes
From Chris Mullen at GoldSeek.com...
Gold Prices rose $5.85 to $805.00 and silver climbed 21 cents to $12.19 in London before both metals fell to as low as $776.25 and $11.49 by midmorning in New York.
But Gold Prices and silver then bounced about 1.5% from those lows in the last couple of hours of trade and gold ended with a loss of 1.34% while silver closed with a loss of 2.84%.
They fell to new lows in after-hours access trade.
The US Dollar index fell and Treasuries rose as the Dow, Nasdaq, and S&P fell markedly and ended at their lows of the day with over 2% losses on more financial worries – including a new fall in US home sales – as Lehman Brothers fell more than 40% on concerns that they are having trouble raising any capital.
Oil fell for the seventh day in a row as Hurricane Ike appears as if it will miss most of the facilities in the Gulf of Mexico, OPEC gave no real indication of cutting production anytime soon, and the EIA said demand is at the lowest level since 2003.
The Gold Price in Euros gold fell to about €555, platinum lost $91 to $1253, and copper fell a couple of cents to about $3.09.
Gold and silver equities fell throughout the day and ended almost 10% lower.
There are no major economic reports due out Wednesday.