Gold At Daily Lows As USDX Rallies--But Silver Lining?
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(Kitco News) - Gold and silver prices are solidly lower and have hit newdaily lows in late-morning trading Friday. An upbeat U.S. jobs report hasrallied the U.S. dollar index, which has in turn pressured the entire rawcommodity sector, including the precious metals markets. However, the U.S.stock market is also in a significant sell-off late this week, despite theupbeat U.S.
economic news (The stock market bulls can no longer claimto "climb a wall of worry" which is a clue of an equities markettop.) If the U.S. stock market continues its downturn into the close Fridayafternoon, including technically bearish weekly low closes in the U.S. stockindexes, then don't be surprised if the safe-haven gold and silver markets seegood buying interest on bargain hunting and as money starts to flow out of theworld equity markets and into hard assets like the precious metals. Rising inflationarypressures are also working against the paper assets like stocks and bonds--andin favor of the hard assets. April gold was last down $15.60 an ounce at$1,332.20.
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