Gold News

Gold & Silver Slide Again as Dollar Bounces, Stocks Rally Despite Chrysler Bankruptcy

From Chris Mullen at GoldSeek.com...

Gold and silver held near unchanged in Asia on Thursday and fell about 1% in London before they took another leg down at the New York open and made their lows of $880.67 and $12.18 shortly after 10:30 EST.

Seeing losses of 2.1% and 4.4%, both Gold Prices and silver then rallied back higher in the last few hours of trade, ending with a loss of 1.0% and 2.8% respectively.

The Gold Price in Euros fell to €674 per ounce as the US Dollar index rose slightly, along with oil, after a drop in US Initial Jobless Claims raised hopes over the economy and sent Treasury bonds lower.

The Dow, Nasdaq, and S&P opened nicely higher on positive economic news before all three indices fell to see slight losses after Chrysler officially filed for bankruptcy, but stocks then rallied back higher into the close and ended mixed and near unchanged as traders debated about over we are headed next.

Gold Mining and silver equities fell over 2% at the open and remained near their lows into the close.

Platinum gained $5.50 to $1100, and copper gained over 4 cents to about $2.05.
US Personal Income showed a sharper-than-expected drop of 0.3% for March – even as the Employment Cost Index rose the same amount over the first quarter – while Personal Spending fell 0.2%.

Friday at 09:55 EST brings Michigan Sentiment for April, expected at 61.5, and at 10:00 comes the Factory Orders report for March (expected down 0.7%) and the ISM Index for April (expected at 38.0).

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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