Gold and Silver Prices Gain
Gold prices edged higher on Monday after falling sharply in the previous trading session. However, the gains were limited as bullion investors remained cautious ahead of a speech from Silver prices, meanwhile, rose sharply on Monday.
Gold has come under pressure in the last few days amid concerns that the Fed might end its bond buying program before the end of this year. On Monday, market participants remained cautious as they waited for a speech from the Fed Chairman, who was scheduled to speak at the University of Michigan.
At last check, spot gold was up 0.3% to $1,666.65 an ounce. Gold futures for delivery in February on the Comex division of the New York Mercantile Exchange gained $8.80 to settle at $1,669.40 an ounce.
In a research note, Goldman Sachs said that the recent sell-off in gold should be seen as a good entry point to re-establish fresh tactical longs before the run up to the debt ceiling issue. Goldman Sachs sees the debt ceiling issue as a likely catalyst for higher gold prices.
Silver prices rose sharply on Monday, with spot silver gaining 1.9% to $31.01 an ounce.
In late trading on Monday, the iShares Silver Trust (ETF) (NYSE: SLV) was up 2% to $30.07, the ProShares Ultra Silver (ETF) (NYSE: AGQ) was up 3.89% to $45.96, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) was down 3.82% to $47.06.
Platinum prices rallied on Monday after reports that Anglo American Platinum is likely to sell or shut its Union mine. At last check, spot platinum was trading 1.6% higher at $1,655.50 an ounce. Spot palladium gained 0.2% to $697.70 an ounce on Monday.
More Posts by this author
- Stocks Mixed in Mid-Day Trading
- BGC France Holdings – BGCP – Acquires Ginalfi Finance
- SapientNitro – SAPE – Acquisition of iThink
- Chevron – CVX – Acquires New Offshore China Acreage
- Denison Mines – DNN – To Acquire Fission Energy
- First Republic – FRC – 2012 a terrific year by every performance measure
- Comerica – CMA – Earnings better than estimates
 |
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.
|
