From Chris Mullen at GoldSeek.com...
Gold Prices remained near unchanged in Asia and London on Wednesday before dipping to $876.85 in early New York trade and then spiking as high as $895.65 by about 10:15.
But the Gold Market then fell back off into the close and ended with a loss of 0.56% for the day, while silver fell to end with a loss of 1.37%. (At the time of writing both metals have roughly erased the day’s losses in after hours access trade.)
On the stock market the Dow fell over 300 points by early afternoon and the Nasdaq and S&P saw notable losses as well, but all three indices then rallied back higher in the last two hours of trade and ended with nice gains on hopes for a rescue of some sort of the mortgage companies.
Treasuries rose markedly in early trade as the yield on the 10-year fell all the way to 3.281% – a new four-and-a-half year low. But gains were more than cut in half by the close as stocks rebounded in late trade and pulled money out of bonds.
The US Dollar index ended slightly lower as traders debated future action from the fed and European Central Banks. Crude oil fell to as low $86.65 and closed over 2% lower at a 3 month low on fears that a recession will cut into demand.
The Gold Price in Euros slipped to €605 per ounce, platinum gained $2 to $1550, palladium lost $4 to $364, and copper fell over 10 cents to about $3.12.
Gold and silver mining equities fell over 6% by early afternoon before they rebounded into the close, but they still ended with over 2% losses.
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