Gold News

Gold Ends Tues Flat, Silver Price Gains 1.2% After CFTC Alleges "Manipulation"

From Chris Mullen at

Gold Prices remained near unchanged in Asia before falling back off in London to see a $10.65 loss as low as $1328.05 per ounce by about 10:00 in New York.

The Gold Price then rallied back higher for most of the rest of trade in New York, and ended near its early afternoon high of $1342.05 with a loss of just 0.02%.

Euro Gold Prices rose to about €966 the ounce.

Silver Prices fell as low as $23.16 before also climbing higher in the last few hours of US trade, following a statement from US regulator the CFTC's Commissioner Bart Chilton that he has identified "repeated attempts" to influence prices.

"I believe there have been fraudulent efforts to persuade and deviously control that price," Chilton told a hearing in Washington.

"Any such violation of the law in this regard should be prosecuted," he said, refusing to give details or name names at this stage.  

The Silver Price ended near its early afternoon high of $23.92 with a gain of 1.2%.

Platinum gained $3.25 to $1694.75, and copper remained at about $3.86.Gold Mining and silver equities fell about 2% at the open, but they soon rebounded to find modest gains by midmorning and remained near that level for most of the rest of trade.

The US Dollar index also rose, but Treasury bonds slipped despite a new auction of $35 billion in two-year debt, part of this week's $109bn in sales, attracted higher- than-average demand, with bids drawing a record-low 0.40%, below average forecasts.

The Dow, Nasdaq, and S&P reversed early losses and ended slightly higher on mixed earnings reports.

Crude oil meantime erased overnight losses and ended modestly higher on decent economic data.

US Consumer Confidence and housing prices both showed greater-than-expected rises on the latest readings.

Wednesday at 08:30 EST brings Durable US Goods Orders for September, expected up by 1.8%. Excluding transportation, orders are expected 0.2% higher. At 10:00 comes the New Home Sales report for Sept., expected at 299,000.

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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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