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Gold Cuts Losses from Record, Silver Ends US Trade 6% Lower, as G20 Weighs on Stocks

From Chris Mullen at

Gold fell all the way to $1383.05 in after-hours access trade late Tuesday before it rebounded in Asia on Wednesday, reaching as high as $1410.10 around 9am in London.

The Gold Price then fell all the way back to $1383.65 in late-morning New York trade, but it rallied back higher in the last couple of hours of trade and ended with a loss of just 0.7%.

Silver dropped to $26.43 per ounce in after-hours trade Tuesday before it climbed back to $28.18 in Asia, but fell back off for most of the rest of trade and ended with a loss of 5.9% for Wednesday.

The Gold Price in Euros fell to about €1017.

Platinum lost $48.25 to $1738.00, and copper fell over 7 cents to about $3.97.

Gold Mining and silver equities rose roughly 2% by late morning Wednesday and remained near that level for the rest of the day.

Oil rose to a new 2-year high after the Energy Information Administration reported that crude inventories fell 3.3 million barrels, gasoline inventories fell 1.9 million barrels, and distillate stockpiles fell 5.0 million barrels last week.

The US Dollar index reversed midday gains and ended lower in reaction to bond market movements both here in the US and overseas.

Treasuries extended early losses after a $16 billion 30-year note auction drew a high yield of 4.320% with a bid to cover of just 2.31, but they then reversed course after the Federal Reserve began its new quantitative easing program with an announcement of $105 billion in Treasury purchases over the next month.

The Dow, Nasdaq, and S&P traded mixed and near unchanged on caution ahead of the G20 summit.

New US data meantime pointed to lower unemployment claims, a smaller trade deficit, sharply higher import prices, and an October budget deficit in Washington of $140 billion.

There are no US economic reports due out Thursday in observance of Veterans’ Day.  Stock markets will remain open. Bond markets, Federal Reserve Banks and many of the nation's banking institutions will be closed.

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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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