Stock Market Watch

Gold and Silver Prices Continue to Climb

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Gold and silver prices are continuing to climb in trading today even as the euro slipped after the European Central Bank slashed its growth forecasts for the region and indicated that its role in fighting the debt crisis was over.

At last check, spot gold was trading 0.78% higher at $1,697.90 an ounce. Earlier, spot gold prices rose to an intra-day high of $1,703.41 an ounce. Gold futures for delivery in April on the Comex division of the New York Mercantile Exchange are currently trading 0.72% higher at $1,696 an ounce.


Matthew Turner, analyst at Mitsubishi, told Reuters that gold has lost some direction. Turner said that the price at $1,700 an ounce is high historically and gains are going to be difficult to come by unless there is some big event. Turner noted that quantitative easing in the U.S. would be the one thing that would get the market back so the economic data is more important than ever.

Gold ETFs are also higher in trading today. The SPDR Gold Trust (ETF) (NYSE: GLD) is currently trading 0.78% higher at $164.91, the Market Vectors ETF Trust (NYSE: GDX) is currently trading 1.06% higher at $53.23, and the iShares Gold Trust (ETF) (NYSE: IAU) is currently trading 0.79% higher at $16.55.

Silver prices are also gaining in trading today. At last check, spot silver was trading 1.11% higher at $33.75 an ounce.

The iShares Silver Trust (ETF) (NYSE: SLV) is currently trading 1.23% higher at $32.81, the ProShares Ultra Silver (ETF) (NYSE: AGQ) is currently trading 2.43% higher at $59.87, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) is currently trading 2.49% lower at $9.78.

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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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