Gold Seeker Closing Report: Gold and Silver Fall Over 1% and 5%, But Miners Gain Nearly 3%
The Metals:
Gold held near unchanged in Asia and London before it dropped in morning New York trade to as low as $828.70 by a little after noon EST, but it then rallied nearly $10 from that low in the last hour of trade and ended with a loss of just 1.03%. Silver fell to as low as $10.113 by a little before noon EST before it also bounced back higher in afternoon trade, but it still ended with a loss of 5.81%.
Euro gold fell to about €600, platinum lost $8 to $840, and copper fell over 6 cents to about $1.27.
Gold and silver equities rose over 3% at the open before they fell to see slight losses midday, but they then rallied back higher in afternoon trade and ended with nearly 3% gains despite lower closes for the metals and a weaker general market.
The Economy:
Tomorrow at 8:30AM EST brings Durable Goods Orders for November expected at -3.1%, Initial Jobless Claims for 12/20 expected at 558,000, Personal Income for November expected at 0.0%, and Personal Spending expected at -0.8%. US Markets Close early tomorrow and remain closed through Christmas on Thursday.
Oil fell on more demand worries after another round of mostly poor economic data.
The U.S. dollar index ended slightly higher while treasuries rose as the Dow, Nasdaq, and S&P erased their morning gains and ended lower on persistent economic worries.
