Gold News

Gold Sinks to $950, Silver Drops 2.9% as Stocks Recover Early Losses, Obama Promises 600,000 Jobs

From Chris Mullen at

Gold Prices fell a further 2% early Monday, down as low as $943.50 by 10am in New York before rebounding into the close but still ending with a loss of 1.2% at $950.

The Gold Price in Euros retreated to €683 an ounce.

Silver fell all the way to $14.71 before it also climbed back higher in the last few hours of trade, but it still ended with a loss of 2.9%.

Platinum lost $37 to $1238, and copper fell another few cents to about $2.25.

Gold Mining and silver equities fell over 3% at the open and remained at about that level for most of the morning, but they then headed higher in afternoon trade and the miners were able to end mixed and near unchanged on the day.

Oil fell slightly as the US Dollar index and Treasuries rose. The Dow, Nasdaq, and S&P stock indices fell about 1% at the Wall Street opening and then rallied back near unchanged in late trade.

A banking report due out by tomorrow will detail which TARP banks will be allowed to pay back funds received.

There were no major economic reports Monday, but US credit-card delinquencies showed an 11% jump for the first 3 months of the year.

President Obama was meantime said to be accelerating a project to create 600,000 public-sector jobs.

Tuesday at 10:00 EST brings Wholesale US Inventories for April, expected down 1.1%.

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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