Gold Slips 1%, Stocks Rally with Dollar and T-Bonds Despite Flood of Bad Data

From Chris Mullen at GoldSeek.com...

Gold traded mostly slightly lower in Asia and London on Wednesday before it spiked higher at the New York open to see a $4.10 gain at $823.10 per ounce.

The Gold Price then fell back off for most of the rest of trade and ended near its low of $808.20 with a loss of 1.1% for the session.

Silver rose to see an 18 cent gain at $10.46 in early New York trade before it also fell back off for most of the rest of trade and ended with a loss of 0.97%.

The Gold Price in Euros slipped to €628, platinum lost $6.50 to $858.50, and copper gained a couple of cents to about $1.67.

Gold and silver equities fell nearly 2% at the open, but they then rallied back higher for the rest of trade and ended with about 6% gains.

Crude oil meantime rose on hopes of rebounding demand as China cut interest rates and the European Union proposed a $260 billion stimulus package.

Treasuries rose on another round of horrible economic data while the US Dollar index and the Dow, Nasdaq, and S&P also gained on apparent hopes that the worst may be over and all will start getting better from here on out.

A flurry of US economic data showed Durable Goods Orders sinking 6% in Oct., Personal Spending falling 1%, business managers' sentiment dropping further still on the Chicago and Michigan indices, and New Home Sales falling more than 5%.

With the US closed Thursday for the Thanksgiving Holiday, there are no other major economic reports scheduled this week.