Stock Market Watch

Gold and Silver Prices Steady

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Gold and silver prices are steady in trading today after the European Central Bank (ECB) extended more than half trillion euros in three-year loans to European lenders at an interest rate of 1%.

At last check, spot gold was trading 0.1% higher at $1,786.06 an ounce. Gold futures for delivery in April on the Comex division of the New York Mercantile Exchange are flat at $1,787.80 an ounce.


In pre-market trading in New York, the SPDR Gold Trust (ETF) (NYSE: GLD) is down 0.28% to $173, the Market Vectors (ETF) (NYSE: GDX) is down 0.23% to $57.20, and the iShares Gold Trust (ETF) (NYSE: IAU) is down 0.29% to $17.36.

Silver had seen a huge rally on Tuesday, rising 4% and reaching a five-month high of $37.21 an ounce. Silver has extended its gains in trading today, rising 0.19%.

A Hong Kong-based dealer told Reuters that silver looks more positive than gold for time being but it is not related to rising physical demand. The dealer added that there was a slight pickup in scrap selling and investor buying as prices rose.

Meanwhile, the gold-silver ratio has fallen to its lowest level in five months as the metal rose a whopping 33% in 2012.

In pre-market trading, the iShares Silver Trust (ETF) (NYSE: SLV) is up 0.36% to $35.96, the ProShares Ultra Silver (ETF) (NYSE: AGQ) is up 0.50% to $72.69, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) is down 0.71% to $8.34.

 

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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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