Gold News

Gold Price hits $1505, Silver, Oil Up, Treasuries Fall

From Chris Mullen at GoldSeek.com...

THE GOLD PRICE rose to a new all-time high of $1505.89 by late morning Wednesday in New York before it fell back off in afternoon trade. It ended with a gain of 0.3%. 

The Gold Price in Euros fell to about €1034.

Silver Prices soared to a new 31-year high of $45.387 before falling back off in late trade, but they still ended with a gain of 2.0%.

Platinum gained $25 to $1791.50, and copper gained over 11 cents to about $4.34.

Gold Mining and silver equities rose over 2% by midmorning before they fell back off a bit in early afternoon trade, but they still ended with about 1% gains.

Oil rose above $111 a barrel on bullish inventory data as the US Dollar index fell to a new 15-month low on a successful bond auction in Spain that sent the euro higher.

Treasuries fell as the Dow, Nasdaq, and S&P rose markedly on strong earnings reports.

Among the big names making news in the market Wednesday were American Airlines, AT&T, Apple, Blackstone, United Technologies, Intel, IBM, Wells Fargo, and AES.

Thursday at 8:30am EST brings Initial Jobless Claims for the week of 16 April expected at 390,000. At 10am EST is the FHFA Housing Price Index for February, Leading Indicators for March and the Philadelphia Fed's general economic index for April.

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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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