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Gold and Silver Prices Ease after Tuesday’s Rally

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Gold and silver prices have eased in trading today following the huge rally on Tuesday. Gold and silver had risen sharply on Tuesday after euro zone finance ministers approved a second bailout package for Greece.

At last check, spot gold was trading 0.22% lower at $1,755.06 an ounce. Gold futures for delivery in April on the Comex division of the New York Mercantile Exchange are down 0.19% to $1,755.10 an ounce.


Gold prices slipped today as the euro struggled against the U.S. dollar, retreating from Monday’s highs as initial optimism over the Greek bailout deal faded away.

Sharps Pixley, CEO of Ross Norman, told Reuters that every time we have another package agreed or more concessions wrung from investors, there is an ever more muted cheer. Pixley said that cynicism is creeping in, and that is affecting the gold price.

Meanwhile, HSBC said in a research note that even assuming the new Greek program proceeds as planned, the Greek government crisis is far from over. HSBC also said that the deal will help creditors to be repaid, as the funds will be channeled into an escrow account to ensure that lenders are prioritized, but it will not revive economic growth any time soon.

Silver prices are also lower in trading currently. At last check, spot silver was trading 0.67% lower at $34.06 an ounce.

In pre-market trading in New York, the iShares Silver Trust (ETF) (NYSE: SLV) is down 0.87% to $33.11, the ProShares Ultra Silver (ETF) (NYSE: AGQ) is down 1% to $62.18, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) is up 1.43% to $9.91.

 

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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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