Gold News

Gold & Silver Rise as Stocks Jump on Financial Earnings

From Chris Mullen at GoldSeek.com...

The Gold Price fell slightly in Asia on Monday and rose to see a $1.80 gain at $914.40 in London.

The Gold Price then fell back off in midmorning New York trade to see a $5.15 loss at $907.45 an ounce, but it then stormed back higher into the close and ended near its high of $923 with a gain of 1.0%.

The Gold Price in Euros climbed to €659.

Platinum gained $11 to $1112, and copper rose slightly to about $2.21, while silver fell almost 20 cents to $12.432 by 10:00 EST before it also rallied back higher into the close and ended near its high of $12.82 with a gain of 1.2%.

Gold Mining and silver equities fell over 3% in the first half hour of trade, but they then rallied back higher for the rest of the day and ended with about 2% gains.

Oil reversed early losses to end just slightly lower on continued worries over demand.

The US Dollar index and Treasury bonds fell after the Dow, Nasdaq, and S&P erased early losses and ended with over 2% gains hopes that earnings reports from the financials will show some improvement from earlier in the year.

The US Treasury deficit meantime showed a record for June at $94.3 billion, topping $1 trillion for the first nine months of the fiscal year.

Tuesday at 08:30 EST brings US Producer Price Inflation for June, expected at 1.0%, with Core PPI (ex-fuel and food) expected at 0.1%.

Retail Sales for June are expected 0.4% higher, with sale excluding autos up 0.5%.

At 10:00 EST comes the Business Inventories report for May, expected to show a 0.8% drop.

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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