Stock Market Watch

Gold and Silver Prices Tumble

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Gold and silver prices have fallen sharply in mid-day trading and are on track for their biggest one-day drop in months.

Commenting on gold’s sharp decline, George Nickas, Precious Metals Broker at INTL FCStone told Reuters that it was a quiet, thin market which got overwhelmed with an influx of orders, creating this aberration.


At last check, spot gold was trading 3.07% lower at $1,729.15 an ounce. Earlier, spot gold prices hit a one-week low of $1,725.25 an ounce. Gold futures for delivery in April on the Comex division of the New York Mercantile Exchange are currently trading 3.34% lower at $1,728.60 an ounce.

The SPDR Gold Trust (ETF) (NYSE: GLD) is currently trading 3.48% lower at $167.46, the Market Vectors ETF Trust (NYSE: GDX) is currently trading 3.23% lower at $55.48, and the iShares Gold Trust (ETF) (NYSE: IAU) is currently trading 3.50% lower at $16.80.

Silver prices have shed all their gains from yesterday. At last check, spot silver was trading 4.2% lower at $35.36 an ounce.

INTL FCStone’s Nickas said that silver also gave back what it made yesterday, but stability should return soon.

Silver ETFs are also down sharply in mid-day trading. At last check, iShares Silver Trust (ETF) (NYSE: SLV) is currently trading 5.05% lower at $34.02, and the ProShares Ultra Silver (ETF) (NYSE: AGQ) is currently trading 10.29% lower at $64.89.

The ProShares UltraShort Silver (ETF) (NYSE: ZSL), which takes a short position on silver, is currently trading 9.76% higher at $9.22.

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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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