Gold News

Gold Bullion Prices Gain, Silver Up 3.4% after Greek Vote says 'Yes'

From Chris Mullen at

Gold Bullion prices climbed $10 to $1510 per ounce in London on Wednesday before falling back to around $1503 by about 10am EST. The Gold Price then rose to a new session high of $1512.79 by late morning in New York and ended with a gain of 0.69%. 

The Euro Gold Bullion price rose to about €1047 per ounce.

Silver Prices surged to as high as $34.415 by a little before 7am EST before they too pared gains a bit in early New York trade, before rising to a new session high of $34.872 by midday and ending with a gain of 3.4%.

Gold Mining and silver equities rose over 3% by midafternoon before they fell back off a bit, but they still ended with more than 2% gains.

Platinum gained $39.6 to $1723.50, and copper gained 12 cents to about $4.21.

Oil added to early gains after the Energy Information Administration reported that crude inventories fell 4.4 million barrels, gasoline inventories fell 1.4 million barrels, and distillates rose 258,000 barrels.

The US Dollar and US Treasuries fell as the Dow, Nasdaq, and S&P rose on Greece's austerity bill that passed in a roll-call vote of 155 to 138.  An implementation vote will follow on Thursday.

Among the big names making news in the market Wednesday were LSE, TMX, Ally Financial, Bank of America, Toyota, BJ's Wholesale, General Mills, Morgan Stanley, HP, Zynga, News Corp., and KB Home.

Thursday at 8:30am EST brings Initial Jobless Claims for 6/25 expected at 420,000 and at 9:45 is Chicago PMI for June expected at 54.0.

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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.

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