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Gold and Silver End Mixed While Stocks and Oil Drop

Gold erased all of yesterday’s post-fed after hours gains and fell to just below yesterday’s close at as low as $1195.40 in London before it rose over 1% to as high as $1207.75 by about 9AM EST in New York and then fell back off for most of the rest of trade to as low as $1192.40 by late morning, but it then bounced back higher in afternoon trade and ended with a gain of 0.16%.  Silver fell throughout most of trade in Asia, London, and New York and ended near its late morning low of $17.79 with a loss of 1.32%.

Euro gold rose to about €930, platinum lost $18.30 to $1512.50, and copper fell nearly 6 cents to about $3.25.

Gold and silver equities fell over 2% by late morning and remained near their lows into the close.
Treasuries added to early gains after today’s $24 billion 10-year notes sold at a high yield of 2.73% with a bid to cover of 3.04.

The Dow, Nasdaq, and S&P fell over 2% on further signs of economic weakness in China and Europe that added to continued uncertainty over the US economy expressed by the fed yesterday.

Chris Mullen is chief content manager of the GoldSeek family of websites, a leading source of gold news, comment and mining-stock data for private and institutional investors.

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