Gold and Silver End Unchanged, Surge Higher in After-Hours Trade
Source: GoldSeek, Chris Mullen (1/15/09)
". . .it did appear as if the early after bounce in the equity market coincided with April gold's return to positive territory."
Gold and silver equities fell to see over 3% losses by early afternoon, but they then surged back higher in the last few hours of trade and ended with about 4% gains.
April Gold closed down 1.2 at 809. This was 1.5 up from the low and equal to the high. March Silver finished down 0.035 at 10.44, 0.01 off the high and 0.01 up from the low.
The April gold contract forged another downside extension but the market seemed to be attracted to the prior session's closing value of $810.2. Lingering weakness in the equity market seemed to keep the gold market off balance, and seeing the energy complex add to its early losses left the gold market with another outside market burden. However, it did appear as if the early after bounce in the equity market coincided with April gold's return to positive territory. Perhaps a bullish forecast from Gold Fields Mineral Services for gold was another factor that helped gold rise up off its early lows.
The silver market was mostly under pressure until mid session when the March contract saw the beginning of a very impressive recovery effort. Apparently, the silver market was able to break the tight track with the energy complex as the energy complex remained weak while the silver market was able to bounce. All things considered the action in the silver market on Thursday was impressive given the overt weakness of the U.S. numbers and the initial sharp slide in equity prices.