Gold, Silver Slow Gains as Economy Revs Up Gears
On the commodities front today, Gold (NYSE:GLD) ends the day down over $7 to close just over the $1,500 benchmark, likely on a relatively smooth day overseas and several brightening domestic indicators (Chicago PMI, KC Fed Manufacturing, Small Business Loans). Despite the day’s losses Gold has gained 4.4% on the quarter, following gains of 1.3% in 2011’s first quarter, though prices are down 2.2% for the month of June. Metals analyst Dan Smith says of the gold market, “We see a lot of confusion about the Greek situation. The whole situation in Europe is distorted. There has been some safe-haven buying because of Greece and it’s coming out of the market now … But the long-term story is still bullish for gold.”
Other metals fared better in trades today, with Silver (NYSE:SLV) up .2% to $34.83 an ounce. The precious metal is still down over 8% in the 2nd quarter this year. Copper extended its recent gains today, moving up 1.4% as high demand from emerging markets continues to boost its outlook. Platinum is down 3.2% on the quarter, and lost $.50 cents today, insignificant at pricing of $1,726.10 per ounce. Palladium too gained ground today, adding 1.2% to close at $760.65. Both platinum and palladium have lost value this quarter.
On the energy front (NYSE:XLE) crude oil (NYSE:USO) ends the day up again (.25%), closing at $95.01 per barrel, as it continues to seem like the IEA release has had little to no impact on the oil market. Energy companies also outperform the market today, as the sector posted gains of 1.48% led by Exxon-Mobil (NYSE:XOM) up 1.41%, Chevron (NYSE:CVX), up 1.54%, BP (NYSE:BP) up 1.89%, and Marathon Oil (NYSE:MRO) up 2.03%.
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