Stock Market Watch

Gold and Silver Prices in Green in Mid-Day Trading

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Gold and silver prices are higher in mid-day trading today, with gold its highest level in a month. Gold and silver prices are rising for a second day in a row.

At last check, spot gold was trading 0.63% higher at $1,642.70 an ounce. Spot gold prices are up nearly 1.5% this week. Gold futures for delivery in February on the Comex division of the New York Mercantile Exchange are currently trading 0.81% higher at 1,644.70 an ounce.


Ross Norman, director at bullion dealer Sharps Pixley, told Reuters that gold has come well through the 200-day moving average and he would not be surprised if some of the buying currently seen is short-covering. Gold crossed its 200-day moving average on Tuesday. Norman said that the crossover is a big relief for gold bulls. Norman added that the other thing that is fairly significant is the Chinese story. He noted that the imports from Hong Kong have been phenomenal.

During the month of November, China imported almost a fifth more gold from Hong Kong than the previous month.

Gold ETFs are mixed in trading today. At last check, the SPDR Gold Trust (ETF) (NYSE: GLD) was trading 0.60% higher at $159.59, the Market Vectors ETF Trust (NYSE: GDX) was trading 0.84% lower at $54.05, and the iShares Gold Trust (ETF) (NYSE: IAU) was trading 0.57% higher at $16.01.

Silver prices, which rose more than 3% on Tuesday, are once again gaining in trading today. At last check, spot silver was trading 0.8% higher at $30.055 an ounce.

The iShares Silver Trust (ETF) (NYSE: SLV) is currently trading 0.28% higher at $29.13, the ProShares Ultra Silver (ETF) (NYSE: AGQ) is currently trading 0.50% higher at $48.60, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) is currently trading 0.30% lower at $13.46.

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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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