Stock Market Watch

Gold and Silver Prices Tumble

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Gold and silver prices are sinking in trading today as worries about Greece and growth in the euro zone continue to pressure the euro. The single currency has fallen sharply against the U.S. dollar amid rising worries about Greece’s bond swap deal with its private creditors. The euro has been also pushed lower by some weak euro zone economic data.

At last check, spot gold was trading 2.34% lower at $1,665.90 an ounce. Gold futures for delivery in April on the Comex division of the New York Mercantile Exchange are currently trading 1.93% lower at $1,671 an ounce.


Silver prices are also sinking in trading today. At last check, spot silver was trading 4.42% lower at $32.46 an ounce. The gold/silver ratio, which measures the number of silver ounces needed to buy an ounce of gold, has climbed back to 50.7 today, after falling to a five-month low last week.

Silver ETFs are also down sharply in trading currently. At last check, the iShares Silver Trust (ETF) (NYSE: SLV) was trading 4.06% lower at $31.69, and the ProShares Ultra Silver (ETF) (NYSE: AGQ) was trading 7.98% lower at $55.93.

The ProShares UltraShort Silver (ETF) (NYSE: ZSL), which takes a short position on silver, is currently trading 8.57% higher at $10.51.

In other precious metals, spot platinum is down 3.13% to $1,607.49 an ounce, while spot palladium is down 4.73% to $669.25 an ounce.

In a research note, Commerzbank said that besides the general decrease in prices of precious metals, the restart of production at the world’s largest platinum mine-Rustenburg in South Africa-is weighing on the price.

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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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