Gold Slips, Silver Nears 30-Year High, as Stocks Rise in Busy Week for US Data

From Chris Mullen at GoldSeek.com...

Gold Prices saw a slight gain at $1271.75 in Asia on Wednesday, before they chopped back lower in London and New York to drop as low as $1262.97 an ounce.

The Gold Price then bounced higher into the close, but it still ended with a loss of 0.2%.

Gold priced in Euros fell to about €974 an ounce.

Silver Prices fell as low as $20.29 by 08:30 in New York, and rose as high as $20.61 by about 11:00 before falling back off into the close, but still ending at a new 30-month high with a gain of 0.6%.

Silver needs only to finish above its 5th March 2008 mark of $20.64 before achieving a new 30-year closing high.

Platinum gained $18.75 to $1605.50, and copper remained at about $3.46.

Gold Mining and silver equities traded mostly slightly lower and ended near unchanged.

Oil fell after it became clear that the Enbridge pipeline will start back up by the end of the week.

The US Dollar index rose as the Yen fell after the Bank of Japan announced it had intervened and spent $20 billion or more to weaken the Yen.

Treasuries fell as the Dow, Nasdaq, and S&P found modest gains on decent economic news. US import prices rose sharply in August, but export prices rose faster still. Industrial Production rose more slowly than analysts forecast, while Capacity Utilization crept higher to 74.7%, also missing Wall Street predictions.

Thursday at 08:30 ET brings Initial US Jobless Claims for last week, expected at 460,000. Producer Price inflation for August is expected at 0.3%, with Core PPI (excl. fuel and food) expected at 0.1%.

The US Current Account deficit for the second quarter is forecast at $125.0 billion. Then, at 09:00, comes the Net Long-Term TIC Flows of investment money to the US for June, followed by the Philadelphia Fed survey for September.

Friday then brings Consumer Price Inflation for August, expected at 0.2%, with Core CPI expected at 0.1%. The Michigan Sentiment survey for September follows.

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