Gold, Silver Get a Boost in Monday Trading

by Angela Nazworth | July 9, 2012 6:18 pm

PreciousMetalsRecap Gold, Silver Get a Boost in Monday TradingTalk of extending the Bush tax cuts[1], gains in the U.S. grain market and higher energy prices helped gold and silver prices along Monday.

Gold futures finished 0.6% higher at the end of Monday’s trading with a final bid of $1,590.20 per ounce, according to CME Group data[2]. Gold reached a high of $1,593 and a low of $1,576. Results were up despite news that Bank of America (NYSE:BAC[3]) cut its gold forecast for 2012.

Silver futures finished the day about 0.2% higher with a final bid of $27.42. Monday’s high for silver prices reached $27.42, and the low was $26.90.

Gold bullion ended at $1,590 per ounce for Monday’s trading session in London, according to BullionVault[4].

“The market is trying to decide whether to continue the down move below $1500 or recover back above $1640 towards $1750,” according to technical analysis[5] from bullion bank Scotia Mocatta.

Gold and silver trusts experienced slight gains Monday.

Movement in gold and silver mining ETFs was down slightly.

Gold mining shares showed losses almost across the board Monday.

Most silver mining shares slid heavily Thursday.

As of this writing, Angela Nazworth did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[25] contributed to this report.

Endnotes:
  1. Bush tax cuts: http://investorplace.com/investorpolitics/obama-proposes-one-year-bush-tax-cut-extension/
  2. CME Group data: http://www.cmegroup.com/trading/metals/precious/gold_quotes_settlements_futures.html
  3. BAC: http://studio-5.financialcontent.com/investplace/quote?Symbol=BAC
  4. BullionVault: http://www.bullionvault.com/
  5. according to technical analysis: http://goldnews.bullionvault.com/gold-prices-070920121
  6. GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
  7. IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
  8. SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
  9. GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
  10. GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
  11. SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
  12. AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
  13. ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
  14. EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
  15. GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
  16. KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
  17. NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
  18. NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
  19. AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
  20. CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
  21. HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
  22. PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
  23. SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
  24. SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
  25. BullionVault: http://www.bullionvault.com

Source URL: http://investorplace.com/2012/07/gold-silver-get-a-boost-in-monday-trading/
Short URL: http://invstplc.com/1dclVHo