Gold News

Gold & Silver Fall Sharply from New Records as Stocks Drop with T-Bonds

From Chris Mullen at

The Gold Price chopped its way higher throughout most of world trade on Tuesday, and rose as high as $1424.20 a little after noon in New York.

The Gold Price then fell back off in the last half hour of trade, but still ended with a gain of 0.5% at a new all-time high.

Silver climbed as high as $29.34 before it also fell back a bit in the last half hour of trade, but it still ended with a gain of 4.5% at a new 30-year high.

Both metals then fell markedly, unwinding the week's sharp gains to date, in after-hours access trade.
Euro gold rose to about €1020 per ounce, still shy of its €1040 record of this past June.

Platinum gained $23.25 to $1786.25, and copper gained almost 9 cents to about $4.04, just shy of its $4.08 record set in 2008.

The Dow, Nasdaq, and S&P fell on worries over Europe’s debt problems.
Treasuries extended early losses after a $24 billion 10-year note auction drew a high yield of 2.636% with a bid to cover of 2.80.

Gold Mining and silver equities rose over 3% in the first half hour of trade, but they then fell back off for most of the rest of trade and ended with about 3% losses.

Crude oil erased early gains and ended lower after the U.S. dollar index rose in late trade and ended nicely higher on more sovereign debt worries that sent European currencies lower.

New US data meantime showed Wholesale Inventories rising faster than expected last month. Wednesday at 08:30 EST brings US Import and Export Prices for October and the Trade Balance for September expected at -$44.8 billion. At 2PM is the Treasury Budget for October, expected at -$140.0 billion.

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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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