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Gold and Silver Prices Remain in Red in Mid-Day Trading

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Gold and silver prices have remained in red in mid-day trading as investors remain concerned about Greece. Gold is down for the sixth time in seven days amid rising worries about a Greek default.

At last check, spot gold was trading 0.3% lower at $1,722.26 an ounce. Gold futures for delivery in April on the Comex division of the New York Mercantile Exchange are currently trading 0.16% lower at $1,725.40 an ounce.


Despite the decline in recent days, gold is still up 10% this year. However, prices are still well below their all-time high of $1,920.30, which were reached back in September 2011.

Daniel Smith, analyst at Standard Chartered, told Reuters that clearly there is mounting concern in the background about Greece. Smith expects some more weakness across the board in terms of the metal markets, but he does not really see much downside in gold.

Smith also said that gold is finding a fairly solid floor around $1,700 an ounce. He expects the next move to be up, but believes that it is a question of timing. He added that there are some big unknowns out there that could throw things out.

Silver prices have also remained in red in mi-day trading. But prices are well off their session lows. At last check, spot silver was down 0.27% to $33.28 an ounce. Earlier in the day, prices fell nearly 2%.

The iShares Silver Trust (ETF) (NYSE: SLV) is currently trading 0.25% lower at $32.37, the ProShares Ultra Silver (ETF) (NYSE: AGQ) is currently trading 0.47% lower at $59.22, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) is currently trading 0.29% higher at $10.41.

 

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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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