Precious Metals Price Action Review
Precious metal saw a decline across the board today in the New York session of trading.
Gold fell as much as $14.96 to $1092.44 by 10:00am in on Monday, where gold found its footing and started to rally for most of the rest of trading day. In the end gold cut its losses to 0.7% and closed just above support at $1102.
The Gold price in Europe also declined to €812 an ounce.
The precious metal Silver followed a similar pattern and ended $0.313 off its midmorning low of $16.597 with a loss of 0.5%.
Platinum lost $11.50 to $1598, and copper remained at about $3.38.
Gold Mining and silver equities fell over 2% at the open, but they then rallied back to about unchanged by early afternoon and ended mixed.
Treasuries rose a bit ahead of this week’s $118 billion worth of note auctions that begin tomorrow with $44 billion in 2-year notes.
The Dow, Nasdaq, and S&P followed select health care companies higher after Sunday night’s House approval of the health care bill.
There were no major US economic reports today. Tuesday at 10:00 EST brings Existing Home Sales for February (expected at 4,990,000) and the FHFA Home Price Index for January, expected down 0.9%. This report is not considered of high importance in regards to its affect on the Precious metals commodities.
Wednesday does bring about the US durable goods release, however; and this could start to show signs of where the US Currency and thus precious metals will trend.
Franklin Gold
