The gold price
Gold & Silver Rise as Stocks Stall, Bonds & Dollar Fall - 23 July 2009
Gold and silver saw slight gains in Asia on Wednesday before they fell to see modest losses as low as $944.60 and $13.37 in London.
Both silver and Gold Prices then rallied back higher for most of trade in New York and gold ended near its high of $954.45 with a gain of 0.7% while silver ended near its high of $13.75 with a gain of 1.6%.
The Gold Price in Euros rose to €670.
Platinum gained a dollar to $1169, and copper gained over 7 cents to about $2.52.
Gold Mining and silver equities fell about 1.5% by midmorning before they rallied to see over 1% gains by early afternoon, but they then fell back off into the close and ended with slight losses on the day.
Oil pared early losses but still ended slightly lower after it was announced that last week US crude inventories fell 1.8 million barrels, gasoline inventories rose 800,000 barrels, and distillates rose 1.2 million barrels.
The US Dollar index and Treasury bonds fell on renewed worries over the continually enormous amounts of government debt to be auctioned.
The Dow, Nasdaq, and S&P traded mixed and near unchanged in reaction to varied earnings reports.
There were no major economic reports, but Fed chairman Ben Bernanke continued his testimony before Congress with a Q&A session in front of the Senate Banking Committee.
His comments were mixed, but the overall feeling was definitely one of cautiousness on the future of the economy heading forward. He also spoke on the independence of the US central bank and keeping responsibility for consumer protection in its hands.
Thursday at 08:30 EST brings Initial US Jobless Claims for last week, expected at 558,000. At 10:00 is the Existing Home Sales report for June, expected at 4,830,000.
Ready to Buy Gold? For simple, safe and cost-effective ownership of physical Gold Bullion, go to BullionVault now...
Adrian Ash runs the research desk at BullionVault, the physical gold and silver market for private investors online. Formerly head of editorial at London's top publisher of private-investment advice, he was City correspondent for The Daily Reckoning from 2003 to 2008, and is now a regular contributor to many leading analysis sites including Forbes and a regular guest on BBC national and international radio and television news. Adrian's views on the gold market have been sought by the Financial Times and Economist magazine in London; CNBC, Bloomberg and TheStreet.com in New York; Germany's Der Stern and FT Deutschland; Italy's Il Sole 24 Ore, and many other respected finance publications.
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.
