Gold, Silver Slip, But Still Up In April On Investor Wariness
New York (Apr 7) April gold prices ended the day down 0.4% to $1298, marking the seventh down day in the past nine trading sessions.
Yet gold is still up 1.1% in April (and up 8% year to date), helped in part by sentiment like that which dominated Friday’s trading session, as the jobs report helped the precious metal snap a three-week losing streak.
Silver also slipped, ended down 0.2%, the 13th fall in the past 16 sessions.
ETF Securities’ Mike McGlone and Nicholas Brooks, who opined about the factors keeping platinum prices high, had this to say about gold in general in recent sessions: “While the employment landscape appears to remain robust in the US, Friday’s US payrolls report missed expectations, in turn buoying gold and other defensive assets. Gold was able to maintain its gains despite rising demand for US Treasuries buoying the US Dollar. To the extent that investor pessimism overshadows the ongoing improvement in the US economy and equity benchmarks struggle to make headway, gold should continue to benefit from investment demand.”
At recent check, the SPDR Gold Trust (GLD) and the Direxion Daily Gold Miners Bear 3X Shares (DUST) were falling while the Market Vectors Gold Miners ETF (GDX) and the leveraged Direxion Daily Gold Miners Bull 3X Shares (NUGT) were rising. The iShares Silver Trust (SLV) was basically flat.
