Gold Seeker Closing Report: Gold and Silver Fall In Early Trade But Rally After Hours
The Metals:
Gold fell $10.05 to $708.40 in after hours access trade late yesterday before it climbed back higher in Asia and London and rose to as high as $721 by about 10:30AM EST in New York, but it then fell back off into the close and ended near its low of $699.55 with a loss of 1.55%. At the time of writing in after hours access trade gold has more than erased today’s loss and has even climbed past its earlier high by setting a new high of $739.67.
Silver fell to $0.245 to $9.24 in after hours access trade late yesterday before it climbed back higher in Asia and London and rose to as high as $9.46 by about 8:30AM EST in New York, but it also fell back off into the close and ended near its low of $8.78 with a loss of 6.59%. Silver has also erased more than today’s loss in after hours access trade and has climbed to as high as $9.515 at the time of writing.
Euro gold fell to about €566, platinum lost $12.50 to $807, and copper fell a few cents to about $1.62.
Gold and silver equities rose over 3% about an hour into trade and fell over 3% by early afternoon, but they then rallied back higher into the close and ended with over 12% gains.
Jobless Claims climbed to the highest in 7 years and the budget deficit was the largest on record.
The House Oversight Committee hosted a hearing today on hedge funds and the financial markets in which several hedge fund managers who made over $1 billion last year testified about their role in and thoughts about recent events in the markets.
“President George W. Bush asserted Thursday that the global financial crisis is "not a failure of the free market" and urged world leaders to adopt modest financial reforms that stop short of the tighter regulations Europeans favor.”
