Gold Slips as Stocks Slide on Auto-Makers Rejection
Source: BullionVault, Chris Mullen (3/31/09)
"The gold price fell. . .by late morning trade in London on Monday before it rose to see a gain of $9.30 at $931.70 at 10:00 in New York."
But gold bullion prices then fell back off into the close and ended with a loss of 0.8% for the day. The gold price in euros slipped back from above €700 an ounce.
Silver saw slight gains in Asia as high as $13.36 before it fell to $12.92 in London and then rallied back higher in morning New York trade. Silver also then fell back off into the close and ended with a loss of 1.9%.
Platinum lost $18 to $1,108.50, and copper fell over 7 cents to about $1.76.
Gold mining and silver equities saw slight gains midmorning before they fell over 2% by about 14:00 EST, but they then bounced back higher in the last two hours of trade and ended with only about 1.6% losses.
There were no major economic reports Monday, but traders continued to unpick U.S. Treasury secretary Geithner's comments at the weekend that "some" U.S. banks will continue to need "large amounts" of tax-funded aid.
President Obama meantime refused to give another $22 billion in emergency funds to U.S. auto giants Chrysler and GM, spurring a sharp 3% drop in the major stock indices.