Stock Market Watch

Gold and Silver Prices Slip as Greece Worries Continue

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Gold and silver prices have fallen sharply in trading today on ongoing worries about Greece. On Thursday, Greek political leaders agreed to further austerity measures and reforms. However, the country’s international lenders are still to approve the next round of bailout funds, which are needed to avert a messy default.

At last check, spot gold was trading 1.17% lower at $1,710.80 an ounce. Gold futures for delivery in April on the Comex division of the New York Mercantile Exchange are currently trading 1.62% lower at $1,713 an ounce.


Peter Fung, Head of Dealing at Wing Fung Precious Metals in Hong Kong, told Reuters that many are still standing on the side waiting for something new to happen in the market.

Gold prices are falling even though the CME Group cut Comex gold trading margins. According to Fung, Comex cut margins probably because the market volatility was low and people did not have much interest.

In pre-market trading in New York, the SPDR Gold Trust (ETF) (NYSE: GLD) is down 1.02% to $166.30, the Market Vectors ETF Trust (NYSE: GDX) is down 1.54% to $54.40, and the iShares Gold Trust (ETF) (NYSE: IAU) is down 1.31% to $16.63.

Silver prices are also down sharply in trading currently. At last check, spot silver was trading 1.49% lower at $33.41 an ounce.

The iShares Silver Trust (ETF) (NYSE: SLV) is down 1.34% to $32.46 in pre-market trading, while the ProShares Ultra Silver (ETF) (NYSE: AGQ) is down 2.47% to $59.65 in pre-market trading.

The ProShares UltraShort Silver (ETF) (NYSE: ZSL), which takes a short position on silver, is up 2.67% to $10.37 in pre-market trading.

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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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