Gold Price Gains, Silver Slips As Moody's Downgrades Greece
From Chris Mullen at GoldSeek.com...
The Gold Price fell $5.95 to $1528.95 in Asia Wednesday, but it then climbed to as high as $1550.15 by midday in New York, ending with a gain of 0.46%.
The Silver Price slipped to $37.54 in midmorning New York trade before it surged up to $38.42, but it then fell back off into the close and ended with a loss of 1.88%.
The Euro Gold Price rose to over €1072.
Gold Mining and silver equities traded mostly slightly lower and ended with almost 2% losses.
Platinum lost $6.25 to $1820, and copper fell 7 cents to about $4.10.
Oil fell on more poor economic data that further reduced demand expectations.
The US Dollar turned higher in late trade and ended with a slight gain after a Moody's downgrade of Greece sent the Euro lower.
US Treasuries rose as the Dow, Nasdaq, and S&P fell markedly on worries over another batch of worse-than-expected economic data.
Among the big names making news in the market Wednesday were GM, Marathon Oil, Google, Sealed Air, and Allstate.
Thursday at 8:30am EST brings Initial Jobless Claims for 5/28 expected at 413,000, first quarter Productivity expected at 1.6%, and Unit Labor Costs expected at 0.9%. At 10am is the Factory Orders report for April expected at -1.0%.
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