Gold & Silver Slip with Stocks as Dollar, Treasury Bonds Gain
From Chris Mullen at GoldSeek.com...
The Gold Price in Dollars fell as much as $16.85 to $1126.55 an ounce a little after 10:00 in New York on Friday, before it bounced back higher into the close, but still ended with a loss of 1.2% on the day.
For the week, the Gold Price slipped 0.7%. Silver followed a similar pattern on Friday and ended near its session low of $18.36 an ounce with a loss of 1.5%, unchanged for the week.
The Gold Price in Euros fell to about €786, while platinum lost $15 to $1592, and copper fell a couple of cents to about $3.36.
Gold Mining and silver equities fell over 2% in the first half hour of Friday's trade and remained at about that level for the rest of the day, down some 5% for the week.
Crude oil prices fell on lackluster energy demand due to continued warm weather, losing 5.7% for the week.
The US Dollar index and Treasury bonds rose as the Dow, Nasdaq, and S&P fell about 1% on poor economic data and worries over the banks after J.P.Morgan posted disappointing results.
US president Obama’s “bank tax” also increased concerns over the health and profitability of the nation’s financial institutions.
On the data front, US consumer prices rose less quickly than expected in Dec., while economic capacity utilization was stronger than forecast.
Next week’s economic highlights include TIC Flows on Tuesday, Building Permits, Housing Starts, and PPI on Wednesday, and Initial Jobless Claims, Leading Economic Indicators, and the Philadelphia Fed on Thursday.
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