Although stocks have been on the mend in the U.S. market, indices today are
backing up. Gold prices have been dropping back recently and continue to move in
this direction through the first half of the trading session today. At the
halfway point, the Dow Jones is red. The DJI shed earlier gains this day and is
currently lower by .26 percent at 11,148.15. Economic news has been mixed. The
European and Asian market data is coming in mixed and the housing sector data
was less than hoped for this day as well. The dollar is gaining on the euro,
Japanese yen and British pound. The stronger dollar is buffering interest in the
safe haven precious metals at this point in the trading session. Contract gold
and silver are both trending in negative territory at this point. Gold contract
for December delivery is lower by 3.67 percent at 1793 per troy ounce and silver
contract for September delivery is lower by 2.39 percent at 41.28 per troy
ounce. Spot gold and spot silver are also pushing lower at this point. Spot gold
price per gram is red by 2.85 percent at 56.93 and spot silver price per ounce
is red by 2.23 at 40.06 as of the halfway mark in the U.S. session. Camillo
Zucari
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