Gold News

Gold & Silver Climb vs. Ailing Dollar, Falling Stocks

From Chris Mullen at GoldSeek.com...

Gold and silver climbed roughly 1% in Asia on Thursday, reaching as high as $943.65 and $14.41 per ounce respectively, before they fell back off in London dealing.

Both metals then rallied to new session highs in the last few hours of trade and ended near those late peaks of $950.80 and $14.483 with gains of 1.5% and 1.3%. 

Silver and Gold Prices continued to rise to new 7-week highs in after-hours access trade as well.

The Gold Price in Euros rose to €684, capped by Euro strength as the Dollar fell.

Platinum remained at $1140.50, and copper fell over 5 cents to about $2.05.

Gold Mining and silver equities fell about 3% an hour into New York trade, but they then rallied back higher for the rest of the day and ended with almost 2% gains at new 8- and 9-month highs.

Oil fell on worries over weak demand from a stagnant economy, but it ended well off its early lows as the Dollar dropped markedly in late trade, down to its lowest level of the year on preferences for other world currencies.

S&P downgraded Britain’s debt outlook to negative, and many feel that the US may be next in the announcement of downgrades with a possible loss of its current AAA credit rating.

Treasuries reversed early gains and ended markedly lower after it was announced that the Federal Reserve bought fewer bonds than expected during this week's Quantitative Easing action.

The Dow, Nasdaq, and S&P fell almost 2% on renewed worries over jobs, the economy, and America’s debt rating.

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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