Stock Market Watch

Gold and Silver Prices Rebound

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Gold and silver prices have rebounded after falling sharply earlier in the day. Gold and silver prices are tracking gains in the equities market, which rose sharply following the release of February jobs data.

At last check, spot gold was trading 0.7% higher at $1,711.16 an ounce. Gold futures for delivery in April on the Comex division of the New York Mercantile Exchange are currently trading 0.77% higher at $1,711.80 an ounce.


Earlier today, gold fell 1% as the February jobs report came in ahead of expectations. An improving U.S. economy has dashed hopes of additional quantitative easing, which had provided support to gold in recent weeks. Ole Hansen, Senior Manager at Saxo Bank, told Reuters that this is another nail in the quantitative easing coffin and as such non-supportive for gold.

However, not all market participants are bearish on gold. Jeffrey Sica, Chief Investment Officer at SICA Wealth Management, told Reuters that even though the job number looks good, there is not an overwhelming sense that there is going to be great times ahead. Sica believes that as long as the quantitative easing devaluating the dollar scenario is present, it will support the price of the gold.

Silver prices are also higher in trading currently. At last check, spot silver was trading 1.06% higher at $34.21 an ounce.

The iShares Silver Trust (ETF) (NYSE: SLV) is currently trading 1.31% higher at $33.27, the ProShares Ultra Silver (ETF) (NYSE: AGQ) is currently trading 2.60% higher at $61.57, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) is currently trading 2.36% lower at $9.50.

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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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