Gold News

Gold & Silver Flag as Stocks Rise on Earning Reports

From Chris Mullen at GoldSeek.com...

The Gold Price reversed slight losses in Asia and London on Thursday, rising to see a slight gain at $939.85 at the start of New York trade.

The Gold Price then fell to see a $6.75 loss at $932.65 a little after 10:00 EST, but it rallied back into the close and ended with a loss of just 0.4%.

The Gold Price in Euros fell to €663.

Silver dropped as low as $13.14 in early New York trade and then jumped as high as $13.33 before it also fell back off in the last few hours of trade, but was still able to end unchanged on the day.

Oil ended higher on hopes for rebounding demand that stemmed from a report showing strong economic growth in China, up 7.8% in the second quarter.

The US Dollar index fell after strong earnings from J.P.Morgan inspired traders to put cash to work.

Platinum gained $10 to $1161, and copper remained at about $2.38. Gold Mining and silver equities traded near unchanged and ended with slight gains. Treasuries rose.

The Dow, Nasdaq, and S&P remained mixed this morning, but they then rose throughout most of the afternoon and ended with about 1% gains on optimism over earnings reports and jobs data.

New jobless claims were lower than forecast for last week, but investment cash flows to the United States were unexpectedly negative for May and the Philadelphia Fed's July index fell further into negative territory.

Government sources said ailing US commercial lender CIT will not be bailed out.

Former US Treasury Secretary Henry Paulson meanwhile defended his actions of last fall before a House of Representatives Oversight subcommittee, quizzed over his role in forcing Bank of America to buy Merrill Lynch despite hurting his own shareholders in the deal.

Friday at 08:30 EST brings US Building Permits for June – expected at 524,000 – and Housing Starts, expected at 530,000.

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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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