Gold Ends Monday at New Record High, Stocks Gain on E-Z Money Outlook
From Chris Mullen at GoldSeek.com...
Gold climbed steadily higher in Asia and London on Monday and rose as high as $1173.75 by 10am in New York, before it fell almost 1% from that high into the close, but still ended with a gain of 1.6% at a new record high.
Silver jumped as high as $18.92 before it also fell back off in the last few hours of trade, but it still ended with a gain of 0.9%.
The Gold Price in Euros rose to €778 an ounce.
Platinum gained $22.50 to $1458, and copper gained a few cents to about $3.13.
Gold Mining and silver equities rose over 4% in the first hour of trade before they fell back off some midday, but they still ended with over 1% gains.
Oil rose as the US Dollar index fell after St. Louis Fed President James Bullard said the central bank should extend beyond March its authority to buy mortgage-backed securities and government-agency bonds.
Treasuries ended slightly higher after Monday's $44 billion auction of two-year notes drew a record low yield of 0.802%.
The Dow, Nasdaq, and S&P shot over 1% higher at the open and remained near that level for the rest of the day on the better-than-expected housing data, along with the outlook for continued low interest rates.
Sales of Existing Homes during October came in at 6.1 million annualized, beating both expectations and Sept.'s figure.
Tuesday at 08:30 EST brings third quarter US GDP, expected up 2.9%. The Chain Deflator – a measure of inflation – is expected at 0.8%.
At 9:00 comes the Case Shiller 20-City Index for September, expected down 9.0% from a year earlier, plus Consumer Confidence for November – expected to read 47.5.
Then at 10am come the FHFA Home Price Index for September, expected at 0.1%, and at 14:00 comes the release of Federal Reserve minutes from the Nov. 4th meeting.