The gold price
Gold Adds 0.5%, Mining Stocks Up 4%, as G20 Stimulus Hurts Dollar, Buoys Treasuries - 10 November 2009
From Chris Mullen at GoldSeek.com...
Gold Prices climbed steadily higher in Asia and London on Monday, reaching as high as $1110.95 before pulling back in New York trade but still ending with a gain of 0.5%.
Silver climbed as high as $17.70 in London before it also retraced a little in New York, ending with a gain of 0.7%.
The Gold Price in Euros fell to €734 on Euro strength. The US Dollar index fell about 1% on its trade-weighted index.
The Dow, Nasdaq, and S&P rose about 2% on optimism over a continued global economic recovery after the G20 group of leading industrialized nations announced plans to keep stimulus measures in place.
Platinum gained $16 to $1355, and copper rose slightly to $2.96 an ounce.
Gold Mining and silver equities rose over 4% in the first hour of trade and remained at about that level for the rest of the day.
Treasuries added to early gains after an above-average 3.33 bid-to-cover ratio at Monday's $40 billion 3-year note auction showed evidence of strong demand.
Tuesday brings a $25 billion auction of 10-year notes. There are no major US economic reports due out.
Ready to Buy Gold...?
Gold Prices climbed steadily higher in Asia and London on Monday, reaching as high as $1110.95 before pulling back in New York trade but still ending with a gain of 0.5%.
Silver climbed as high as $17.70 in London before it also retraced a little in New York, ending with a gain of 0.7%.
The Gold Price in Euros fell to €734 on Euro strength. The US Dollar index fell about 1% on its trade-weighted index.
The Dow, Nasdaq, and S&P rose about 2% on optimism over a continued global economic recovery after the G20 group of leading industrialized nations announced plans to keep stimulus measures in place.
Platinum gained $16 to $1355, and copper rose slightly to $2.96 an ounce.
Gold Mining and silver equities rose over 4% in the first hour of trade and remained at about that level for the rest of the day.
Treasuries added to early gains after an above-average 3.33 bid-to-cover ratio at Monday's $40 billion 3-year note auction showed evidence of strong demand.
Tuesday brings a $25 billion auction of 10-year notes. There are no major US economic reports due out.
Ready to Buy Gold...?
Chris Mullen, 10 Nov '09
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.
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, RSS links are shown there.
