Gold News

Gold & Silver Rise as Stocks Stall, Bonds & Dollar Fall

From Chris Mullen at GoldSeek.com...

Gold and silver saw slight gains in Asia on Wednesday before they fell to see modest losses as low as $944.60 and $13.37 in London.

Both silver and Gold Prices then rallied back higher for most of trade in New York and gold ended near its high of $954.45 with a gain of 0.7% while silver ended near its high of $13.75 with a gain of 1.6%.

The Gold Price in Euros rose to €670.

Platinum gained a dollar to $1169, and copper gained over 7 cents to about $2.52.

Gold Mining and silver equities fell about 1.5% by midmorning before they rallied to see over 1% gains by early afternoon, but they then fell back off into the close and ended with slight losses on the day.

Oil pared early losses but still ended slightly lower after it was announced that last week US crude inventories fell 1.8 million barrels, gasoline inventories rose 800,000 barrels, and distillates rose 1.2 million barrels.

The US Dollar index and Treasury bonds fell on renewed worries over the continually enormous amounts of government debt to be auctioned.

The Dow, Nasdaq, and S&P traded mixed and near unchanged in reaction to varied earnings reports.

There were no major economic reports, but Fed chairman Ben Bernanke continued his testimony before Congress with a Q&A session in front of the Senate Banking Committee.

His comments were mixed, but the overall feeling was definitely one of cautiousness on the future of the economy heading forward. He also spoke on the independence of the US central bank and keeping responsibility for consumer protection in its hands.

Thursday at 08:30 EST brings Initial US Jobless Claims for last week, expected at 558,000. At 10:00 is the Existing Home Sales report for June, expected at 4,830,000.

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Adrian Ash

Adrian Ash, BullionVault Gold News

Adrian Ash is director of research at BullionVault, the world-leading physical gold, silver and platinum market for private investors online. Formerly head of editorial at London's top publisher of private-investment advice, he was City correspondent for The Daily Reckoning from 2003 to 2008, and he has now been researching and writing daily analysis of precious metals and the wider financial markets for over 20 years. A frequent guest on BBC radio and television, Adrian is regularly quoted by the Financial Times, MarketWatch and many other respected news outlets, and his views from inside the bullion market have been sought by the Economist magazine, CNBC, Bloomberg, Germany's Handelsblatt and FAZ, plus Italy's Il Sole 24 Ore.

See the full archive of Adrian Ash articles on GoldNews.

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