Gold, Silver and Other Metal Prices
Source: CoinNews, Jon Nadler (9/11/09)
"Shortly after the open, precious metals matched and/or took out their February highs. . ."
Additional data, this time from the U.S., kept pressure on the greenback as the morning trade got underway in New York today. Specifically, U.S. imports rose at twice the expected rate—likely as a result of the flood of imported autos destined as clunker replacements—and sent the American currency to the 76.66 level, which now shows a 2% loss for the week.
New York's spot bullion gold price opened with a $4.50 gain this morning, and was quoted at $1000.90 per troy ounce. As trading commenced, the dollar index was trading at 76.61 and crude oil lost a little more than a quarter, quoted at $71.68 per barrel. Gold ETF GLD holdings remained static for a fourth day, at 1,077.63 tonnes. Silver prices rose 13 cents to reach $16.80 per ounce, while platinum climbed $4 to $1289.00 an ounce. Palladium showed no change and continued at $290 per ounce.
Shortly after the open, precious metals matched and/or took out their February highs, motivated by further declines in the U.S. dollar. Previously mentioned targets for the dollar-euro rate at 1.46 were achieved and have given rise to 'what's next' type of questions from trading quarters we surveyed.
Gold traded as high as $1,013 before pulling back to $1,007, silver vaulted to $16.84 an ounce, and platinum leaped above $1,300 (by $5) showing a $20 gain.