Stock Market Watch

Gold and Silver Prices Continue to Climb

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Gold and silver prices have remained in green in mid-day trading, extending their gains from yesterday. Gold and silver rose as the euro climbed after Spain, one of the troubled euro zone economies, successfully completed a bond auction.

Gold also gained after the European Central Bank (ECB) president Mario Draghi said that the supply of cheap money released by the bank was stabilizing the region’s banking system.


At last check, spot gold was trading 0.79% higher at $1,653.80 an ounce. Prices touched a one-month high of $1,659.66 an ounce earlier today.

Gold futures for delivery in February on the Comex division on the New York Mercantile Exchange are currently trading 0.79% higher at $1,652.50 an ounce.

Andrey Kryuchenkov, analyst at VTB Capital, today said that there has been a fairly pronounced pullback in the U.S. dollar following weaker U.S. macro numbers and comments from the ECB president. Kryuchenkov said a breach of $1,660 an ounce could see gold swiftly return to $1,680 an ounce.

Silver prices are also rising in mid-day trading. At last check, spot silver was trading 1.07% higher at $30.31 an ounce. The demand for silver coins has been robust at the start of the year.

Gold ETFs are also gaining in trading today. At last check, the SPDR Gold Trust (ETF) (NYSE: GLD) was trading 0.73% higher at $160.81, the Market Vectors ETF Trust (NYSE: GDX) was trading 1.25% higher at $54.99, and the iShares Gold Trust (ETF) (NYSE: IAU) was trading 0.69% higher at $16.12.

The iShares Silver Trust (ETF) (NYSE: SLV) is currently trading 1.10% higher at $29.46, and the ProShares Ultra Silver (ETF) (NYSE: AGQ) is currently trading 2.28% higher at $49.76.

The ProShares UltraShort Silver (ETF) (NYSE: ZSL), which takes a short position on silver, is currently trading 2.16% lower at $13.12.

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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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