Gold News

Gold and Silver Gain Again

From Chris Mullen at GoldSeek.com... 

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
lower.

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.

Treasuries
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
months.
 

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 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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