Gold News

Gold and Silver Fall Over 3% and 5% on the Week

From Chris Mullen at

Gold rose
as much as $5 in Asia, but it then fell back off in London,
traded mostly slightly lower in New
York, and ended with a loss of 0.42%. Silver rose to over $12.90 in Asia, but it
also fell back off in London, remained notably
lower in New York,
and closed with a loss of 1.79%.


Euro gold
rose near €485, platinum lost $44 to $1,271, palladium lost $4 to $360, and
copper rose slightly to about $3.62.


Gold and
silver equities fell about 2% by early afternoon before they rebounded to find
only about 1% losses by mid-afternoon, but they then fell back off into the
close and ended with about 2% losses.


Oil rose above
$77 to close within a penny of its record closing high set a little over a year
ago on worries over the upcoming hurricane season in the U.S. and supply
concerns in the face of continued strong demand.


The U.S.
dollar index rose on decent U.S. GDP growth as the euro fell on concerns that
subprime problems were spreading to European markets.


ended slightly lower despite general market weakness as decent economic data
brought interest rates up from the over 2 month lows set yesterday.


The Dow
fell over 170 points by early afternoon before it rebounded and saw less than
50 point losses my mid-afternoon, but it then fell back off into the close and
ended over 200 points lower to cap the worst week for the Dow in 5 years. The Nasdaq and S&P followed similar
patterns as credit concerns continue to plague the markets.

Adrian Ash

Adrian Ash, BullionVault Gold News

Adrian Ash is director of research at BullionVault, the world-leading physical gold, silver and platinum market for private investors online. Formerly head of editorial at London's top publisher of private-investment advice, he was City correspondent for The Daily Reckoning from 2003 to 2008, and he has now been researching and writing daily analysis of precious metals and the wider financial markets for over 20 years. A frequent guest on BBC radio and television, Adrian is regularly quoted by the Financial Times, MarketWatch and many other respected news outlets, and his views from inside the bullion market have been sought by the Economist magazine, CNBC, Bloomberg, Germany's Handelsblatt and FAZ, plus Italy's Il Sole 24 Ore.

See the full archive of Adrian Ash articles on GoldNews.

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