Gold News

Gold & Silver Rise, Mining Stocks Jump, as US Debt Auctions Finds Strong Bids

From Chris Mullen at GoldSeek.com...

Gold and silver saw slight losses in Asia and London early Thursday, but both metals then chopped their way higher in New York and ended near their highs of $939.45 and $14.05 with gains of 0.6% and 0.8% respectively.

The Gold Price in Euros rose above €670 an ounce. Gold Mining and silver equities steadily rose throughout trade and ended with over 4% gains.

Platinum gained $25.50 to $1187.50, and copper gained another few cents to about $2.30, while oil climbed back above $70 per barrel on further supply disruptions in Nigeria after rebels attacked a pipeline owned by Shell.

The US Dollar index eventually turned lower and ended with a minor loss but Treasuries rose after a 7-year auction capped off a very successful week of government debt sales.

The Dow, Nasdaq, and S&P opened lower on higher-than-expected US jobless claims data, but all three indices soon turned markedly higher and ended with over 2% gains on renewed confidence over the economy.

Decent earnings reports, that strong auction of new US government debt, and Ben Bernanke's successful defense of the Federal Reserve's actions before Congress chimed with a revised drop in first-quarter GDP, reduced to -5.5% from -5.7% as first estimated.

Friday at 08:30 EST brings Personal US Incomes for May, expected up 0.2%, plus Personal Spending (expected up 0.4%) and PCE Core inflation expected at 0.2%. The comes Michigan Sentiment for June expected at 69.0.

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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