Gold News

Gold and Silver Gain Again

From Chris Mullen at 

Gold traded
slightly higher in Asia and added to its gains in London to find over $4 gains
above $668 in early New York trade before it fell back off in midmorning trade
to as low as $663.10 by about 11AM EST, but it then rallied back higher into
the close and ended near its high of the session with a gain of 0.45%. Silver rose over $13.00 before it fell to
$12.83 by about 11AM EST, but it also rallied back higher into the close and
ended with a gain of 1.01%.

Euro gold
remained above €485, platinum gained $22 to $1,290, palladium gained $3 to
$363, and copper rose roughly 6 cents to about $3.76.

Gold and
silver equities rose over 1% at the open, but they then fell back off with gold
and silver midmorning and remained lower into the close despite gold and
silver’s afternoon rebound as general market weakness seemed to keep the miners

Central bank gold
sales ramp up, but still far short of quota
- Resource Investor.

Oil rose
over a dollar to above $78 and made a new record closing high on supply
concerns ahead of tomorrow’s inventory data.
Prices also closed just 19 cents away from the all-time record intraday
high of $78.40.

The U.S.
dollar index traded mostly slightly lower on mixed economic data and renewed
subprime worries.

rose on tame
Core PCE Inflation data as weak Chicago PMI and Construction Spending
data was offset by better than expected Consumer Confidence data. Credit worries added to bond gains late in
the day and pushed the yield on the 10-year to its lowest close in 2 and ½

The Dow,
Nasdaq, and S&P rose markedly in early trade on mostly good earnings
reports and tame
Core PCE Inflation, but they then fell back off in afternoon trade
and ended with over 1% losses as oil prices set a new record closing high and
subprime worries returned to the market with American Home Mortgage Investment
Corp. announcing some trouble with its credit lines.

Fed will act
on market slide if warranted
- Reuters.

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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