precious metals

SAN FRANCISCO (MarketWatch) — Gold futures on Thursday settled with a modest gain, as a pullback in U.S. equities helped provide some investment appeal for the precious metal.

Pressure remained on copper prices after a batch of downbeat China data.

Gold for April delivery GCJ4 +0.18%   rose $1.90, or 0.1%, to settle at $1,372.40 an ounce on the Comex division of the New York Mercantile Exchange. Prices tallied their four-straight session gain and held their ground at a six-month closing high.

It was a choppy end to 2013 as metals saw a broad based decline over the year of 28%. Precious metals have succumbed to selling pressure as Exchange Traded Funds (ETF) holders liquidated in favour of equities.  ETF holdings have fallen back to levels last seen in 2008 before the global crisis. Investors lost faith in the metal as a store of value as equities rallied and an economic recovery prompted the Federal Reserve to pare its $85 billion in monthly bond. Gold fell to a year low of $1182, before recovering slightly to traded and close the year at $1202.

What the world was waiting for never happened. The release of the Federal open market committe minutes shocked traders. On Wednesday, the Fed declined to start the unwinding of its monetary easing measures with traders expecting $10 billion cut. The news sent shock waves throughout the market as gold spiked to $1375 in a matter of hours.

Source: Irish Times
Mon, Aug 19, 2013, 01:00

Precious metals over the past 4 months have taken a considerable beating. Today we sit at $1280 and $19.80 in gold and silver respectively.

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Tune in to AM 640 Thursday at 7:05 pm ET to listen to the weekly Gold & Silver Precious Metals Update featuring Cache Metals' Robert Rosenzweig.

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Tune in to AM 640 Thursday at 7:05 pm ET to listen to the weekly Gold & Silver Precious Metals Update featuring Cache Metals' Robert Rosenzweig.

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Tune in to AM 640 Thursday at 7:05 pm ET to listen to the weekly Gold & Silver Precious Metals Update featuring Cache Metals' Robert Rosenzweig.

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