Gold fell $17.65 to as low as $1610.15 by a little after 9:30AM EST before it jumped to as high as $1631.74 by early afternoon in New York, but it then fell back off a bit in the last hour of trade and ended with a loss of 0.57%.Silver fell to $39.027 before it climbed to as high as $40.02, but it also fell back off in late trade and ended with a loss of 2.12%.
Euro gold climbed to about €1137, platinum gained $9.25 to $1787.25, and copper dropped 7 cents to about $4.40.
Gold and silver equities rose over 1% in the first half hour of trade before they fell back off a bit, but they still ended with modest gains.
The Economy:
Report
For
Reading
Expected
Previous
ISM Index
July
50.9
54.0
55.3
Construction Spending
June
0.2%
0.0%
0.3%
“Congressional leaders scrambled for enough votes on Monday to push through an 11th-hour White House-backed deal to raise the U.S. borrowing limit and avert an unprecedented debt default.
Just one day before the deadline to lift the government's borrowing authority, the Democratic-led Senate was expected to pass the $2.1 trillion deficit-cutting plan later on Monday but lingering uncertainty about its fate in the more fractious Republican-controlled House of Representatives rattled financial markets worldwide.
Leaders of both parties worked furiously to sell their rank-and-file on a deal reached with President Barack Obama on Sunday in a bid to end an acrimonious impasse that has undermined America's stature at home and abroad.”
Tomorrow at 8:30AM EST brings Personal Income for June expected at 0.1%, Personal Spending expected at 0.1%, and Core PCE Prices expected at 0.2%.
Oil fell while the U.S. dollar index and treasuries rose on weak economic data that sent the Dow, Nasdaq, and S&P markedly lower at times, but optimism over a debt deal gave some strength to the major indices both at the open and also in late trade.
Among the big names making news in the market today were Google, Kodak, Honda, HSBC, Allstate, and American Express and Verizon Wireless.
New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) AND Tokyo Stock Exchange (TSE) AND Hong Kong Stock Exchange (HKEx)
SPDR® Gold Shares
1263.580
40,625,345
US$65,910m
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra)
Gold Bullion Securities
115.35
3,708,632
US$6,007m
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam
ETFS Physical Gold
126.23
4,058,350
US$6,577m
Australian Stock Exchange (ASX)
Gold Bullion Securities
14.21
473,853
US$741m
Johannesburg Securities Exchange (JSE)
New Gold Debentures
48.09
1,546,286
US$2,442m
NASDAQ Dubai
Dubai Gold Securities
0.154
4,952
US$8m
Note: Change in Total Tonnes from yesterday’s data: SPDR added 0.606 tonnes to a new 6-month high.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 156.16: No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,915.86: No change from yesterday’s data.
Winners & Losers tracks NYSE and AMEX listed gold and silver mining stocks that trade over $1.
All of today's gold and silver stock news:
Bullion Monarch Mining Reports a Per Share Increase in Net Income of 142% - More - August 01, 2011 | Item | ShareThis
Ur-Energy Announces Appointment of Wayne Heili as Chief Executive Officer - More - August 01, 2011 | Item | ShareThis
Lone Star Gold Inc. Announces the Official Launch of Its Corporate Website - More - August 01, 2011 | Item | ShareThis
Uranerz Commences ISR Uranium Mine Construction - More - August 01, 2011 | Item | ShareThis
Alto Group Holdings Announces the Formation of Mexican Wholly Owned Subsidiary - More - August 01, 2011 | Item | ShareThis
U.S. Precious Metals Inc. Engages New York Based Investment Bankers DME Securities - More - August 01, 2011 | Item | ShareThis
Bellhaven Expands Mineralization Footprint at the La Mina Project with New Gold-Copper Intercepts at the Middle Zone and Filo de Oro Prospects - More - August 01, 2011 | Item | ShareThis
Goldrich Announces Closing of Private Placement Financing - More - August 01, 2011 | Item | ShareThis
Silver Standard Sells Bowdens Project - "Silver Standard Resources Inc. ("Silver Standard") (TSX: SSO - News)(NASDAQ: SSRI - News) announced today that it has entered into a definitive agreement with Kingsgate Consolidated Limited ("Kingsgate") to sell 100% of the Bowdens project in NSW, Australia ("Bowdens") for an aggregate consideration of A$75 million ($83 million). Kingsgate is an Australian-based company listed on the Australian Stock Exchange." More - August 01, 2011 | Item | ShareThis
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Gold Seeker Closing Report: Gold and Silver End Slightly Lower
