Stock Market Watch

Gold and Silver Prices Down

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Gold and silver prices are down sharply in trading today. Gold prices are falling after the Federal Reserve on Tuesday did not offer any clues on further monetary easing.

At last check, spot gold was trading 1.72% lower at $1,645.90 an ounce. Gold futures for delivery in April on the Comex division of the New York Mercantile Exchange are currently trading 2.48% lower at $1,652.20 an ounce.


Nick Trevethan, a Senior Commodity Strategist at ANZ in Singapore, told Reuters gold is just caught in a downdraft again after Bernanke did not really talk about quantitative easing but there is still this deep-seated theme of central bank buying and strong retail demand from emerging Asia, particularly China. Trevethan said that the bottom of the market is about $1,650 an ounce but another stab at $1,700 an ounce cannot be ruled out.

A physical dealer in Singapore told Reuters that gold has been caught in this kind of range for too long and if it continues like this we will all turn into stones here.

Silver prices are also down sharply in trading today. At last check, spot silver was trading 2.13% lower at $32.865 an ounce.

In pre-market trading in New York, the iShares Silver Trust (ETF) (NYSE: SLV) is currently down 1.33% lower at $32.26, the ProShares Ultra Silver (ETF) (NYSE: AGQ) is currently down 1.90% to $56.70, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) is currently up 2.08% to $10.31.

 

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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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