Stock Market Watch

Gold and Silver Prices Continue to Climb in Mid-Day Trading

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Gold and silver prices have continued to climb in mid-day trading following a rebound in the euro against the U.S. dollar. The decline in the dollar makes dollar-priced assets more attractive to holders of other currencies.

Gold has risen above its 200-day moving average in trading today. Technical analysts say that a close above the 200-day moving average could lead to fresh momentum for the precious metal. Gold had fallen below its 200-day moving average in December.


At last check, spot gold was trading 1.42% higher at $1,633.79 an ounce. Since the start of 2012, gold has climbed 5%. Gold futures for delivery in February on the Comex division of the New York Mercantile Exchange are currently trading 1.8% higher at 1,637.10 an ounce.

Macquarie analyst Hayden Atkins told Reuters today that he expects weaker dollar, stronger gold relationship to drive the market for the year. Atkins said that a big part of the weakness into the end of last year people taking profits and liquidity being a bit lower and that is expected to unwind.

Gold ETFs are also gaining in trading today. At last check, the SPDR Gold Trust (ETF) (NYSE: GLD) was trading 1.51% higher at $158.86, the Market Vectors ETF Trust (NYSE: GDX) was trading 1.68% higher at $54.60, and the iShares Gold Trust (ETF) (NYSE: IAU) was trading 1.59% higher at $15.94.

Silver prices have also risen sharply in trading today. At last check, spot silver was trading 3.38% higher at $29.97 an ounce.

Silver ETFs are also rallying in trading today. At last check, the iShares Silver Trust (ETF) (NYSE: SLV) was trading 3.45% higher at $29.11, and the ProShares Ultra Silver (ETF) (NYSE: AGQ) was trading 6.78% higher at $48.51.

The ProShares UltraShort Silver (ETF) (NYSE: ZSL), which takes a short position on silver, is currently trading 6.78% lower at $13.48.

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edliston
Post Written By: Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.


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Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing.

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