Gold News

Gold & Silver Slip Overnight as Oil Drops 11% in Three Days

From Chris Mullen at GoldSeek.com...

Gold fell 1% to $952.85 ahead of Thursday's US open, before rallying back higher to see almost 2% gains at $978.90 by lunchtime in New York.

Both Gold and silver then fell back off into the close, but gold still ended with a gain of 0.84% while silver ended with a loss of 0.27%.

Oil was up and down yet again and ultimately ended markedly lower for the third day in a row as easing supply concerns add to speculation over demand destruction.

Crude lost more than $15 per barrel – some 11% – over the last three days, the largest slide since 2003. Natural gas fell over 7% to below $11 after US stockpile inventories built much faster than expected.

The US Dollar index fell in early trade on fresh inflation talk from the European Central Bank, but it rose by the close on better than expected US housing data that also sent Treasuries lower.

New US home-building projects begun in June showed a surprise 9.1% rise, said a government report. But new housing starts would have recorded a 4% decline if a change in New York City building codes were discounted.

There are no major economic reports due out on Friday.

Higher earnings reports sent the Dow, Nasdaq, and S&P higher at Thursday's opening, but all three indices soon fell back off from roughly 1% gains to trade slightly lower.

Silver and gold then fell more than 1% in after hours access trade.

The Gold Price in Euros rose to about €612, platinum lost to $35.50 to $1889, and copper gained roughly 6 cents to about $3.73.

Gold and silver equities fell nearly 1% at the open before they quickly rose to see about 2% gains, but they then fell back off for most of the rest of trade and ended as much as 2% lower.

How best to Buy Gold today? For direct access to wholesale prices, cutting out the middleman and slashing your costs "dramatically" as the Financial Times puts it, go to BullionVault now...

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.

See the full archive of Chris Mullen articles

 

Please Note: All articles published here are to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it. Please review our Terms & Conditions for accessing Gold News.

Follow Us

Facebook Youtube Twitter LinkedIn

 

 

Market Fundamentals