Gold News

Gold Ends Tues Flat, Silver Sinks, as Bob Prechter Dents Stocks

From Chris Mullen at

Gold fell in Asia and London on Tuesday, reaching as low as $1085.61 an ounce to see a loss of $11.24 by the start of New York trade.

The Gold Price in Dollars then rose to break above $1100 an ounce by noon EST, but fell back off in the last hour and a half of trade and ended with a gain of just 0.1%.

The Gold Price in Euros rose to €780 an ounce.

Silver fell almost 5%, down as low as $16.32 in early New York trade before it also rebounded in later morning trade, but it still ended with a loss of 2.0%.

Platinum lost $17 to $1526, and copper fell roughly 6 cents to about $3.32.
Gold Mining and silver equities fell about 1% at the open before they rose to see over 1% gains midday, but they then fell back off a bit in afternoon trade and ended with slight losses.

Oil fell back below $75 as the U.S. dollar index saw slight gains on a renewed round of risk aversion/cash raising inspired by China’s planned increase in required deposit reserves for its major banks.

Treasury bonds turned slightly lower after Tuesday’s $44 billion auction of two-year notes saw a high yield of 0.88% with a bid to cover of just over three times.
The Dow, Nasdaq, and S&P rose for much of trade on mostly better than expected economic data and decent earnings reports, but a bearish interview with Robert "Elliott Wave" Prechter on CNBC late in the session seemed to bring in fresh selling.

All three indices ended modestly lower.

The Case-Shiller home price index for Nov. came in lower than expected, but the official FHA index for Dec. showed rising prices.

Wednesday at 10:00 EST brings New US Home Sales for Dec., expected at 368,000. Then at 14:15 comes the Federal Reserve’s interest-rate decision, expected to keep the fed funds rate in its record low range of 0.00% to 0.25%.

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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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