Gold News

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

From Chris Mullen at GoldSeek.com...

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.

 

Treasuries
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 is director of research at BullionVault, the physical gold and silver 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 is now a regular contributor to many leading analysis sites including Forbes and a regular guest on BBC national and international radio and television news. Adrian's views on the gold market have been sought by the Financial Times and Economist magazine in London; CNBC, Bloomberg and TheStreet.com in New York; Germany's Der Stern; Italy's Il Sole 24 Ore, and many other respected finance publications.

See the full archive of Adrian Ash articles on GoldNews.

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