Gold News

Gold and Silver End Slightly Higher

Gold
climbed $8.05 to $898.85 just before 8:30AM EST before it plummeted
down to $885.75 as the CPI data was released, but it then rallied
back higher for most of the rest of trade and ended with a gain of
0.15%. Silver fell $0.145 to $12.65 and then rose $0.145 to $12.94
in London before it fell back off in morning New York trade, but it
then rallied back higher in the last two hours of trade and ended
with a gain of 0.31%.

Euro
gold rose to about €675, platinum gained $2.50 to $1212.50, and
copper gained over 9 cents to about $2.21.

Gold
and silver equities rose over 1% at the open before they fell back
near unchanged midmorning, but they then rallied back higher into the
close and ended with over 1% gains.

The
fed’s Beige Book said the economy contracted further, but that some
expectations improved marginally.

Industrial
production is down 13.3% since the recession began in December 2007,
the
largest
percentage decline since the end of World War II
,
when production of military equipment ground to a halt and production
fell 35%.”

Tomorrow
at 8:30AM EST brings Initial Jobless Claims for 4/11 expected at
658,000, Building Permits for March expected at 549,000, and Housing
Starts expected at 540,000. At 10AM is the Philadelphia Fed
manufacturing survey expected at -32.0.

Oil
fell as crude inventories rose a much larger than expected 5.6
million barrels. Gasoline inventories fell 900,000 barrels and
distillates fell 1.2 million barrels.

The
U.S.
dollar
index and treasuries rose slightly on continued worries over the
economy. The Dow, Nasdaq, and S&P rose on mostly decent earnings
reports.

 

 

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.

See the full archive of Chris Mullen articles

 

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