Gold Seeker Closing Report: Gold and Silver Gain Nearly 1% and 2% - 31 July 2009

Euro gold rose to about €664, platinum gained $19.50 to $1178.50, and copper rose over 8 cents to about $2.56.

Gold mining and silver equities rose nearly 4% by late morning before they fell back off a bit into the close, but they still ended with almost 3% gains on the day.

In the economy,  Oil climbed over 5% while the U.S. dollar index fell as better than expected earnings reports rejuvenated hopes over the economy and sent the Dow, Nasdaq, and S&P about 1% higher on the day.

Treasuries rose after today’s $28 billion 7-year note auction capped off a record high week of the government’s issuance of $115 billion of debt and actually went pretty well. The bid-to cover ratio of 2.63 was better than the recent average of 2.4 and the high yield of 3.369% was also pretty good, but indirect (foreign) buying was a little week.

From Chris Mullen of Gold-seeker.com

 

Chris Mullen, 31 Jul '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.

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