Gold News

Gold & Silver Slip as Bernanke Sees "Stabilization", Stocks Gain

From Chris Mullen at GoldSeek.com...

Gold and silver traded mixed and near unchanged in Asia and London on Tuesday before they rose in early New York trade to see over 0.5% gains.

Trading at $953.62 and $13.69 respectively just after 09:00 EST, gold and silver then fell back for most of the rest of trade. The Gold Price ended near its low of $944.14 with a loss of 0.2% for the day. Silver ended near its low of $13.445 with a loss of 0.9%.

The Gold Price in Euros remained at about €668.

Platinum lost $13 to $1168, and copper fell a couple of cents to about $2.44. Gold Mining and silver equities traded slightly lower for most of the morning before they fell midday to see over 3% losses by early afternoon. They then rallied back higher into the close and ended with only about 1% losses.

Oil rose again as mostly decent earnings reports have raised expectations over the future of demand growth.

The US Dollar index found slight gains and treasuries rose rather markedly as Fed chairman Ben Bernanke's cautious remarks over the state and future of the economy encouraged some cash raising and safe haven buying.

The Dow, Nasdaq, and S&P traded mixed but ended higher on mostly better than expected earnings reports overcame.

Bernanke said the economy is showing "tentative signs of stabilization" but he intends the central bank intends to maintain a "highly accommodative" monetary policy for "an extended period."

The Fed chairman completes his two-day testimony on Wednesday. There are no major US economic reports due out.

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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