Silver Climbs with Dollar
returned to its recent slump, falling Tuesday
along with platinum and oil. A stronger U.S.
dollar and fund liquidations were cited culprits
for goldís downturn. For the day, New York gold
and platinum futures fell 2.8 percent and 0.1
percent, respectively. Silver was a precious
metals standout as it gained a healthy 4
After two straight session gains, November crude
on Nymex gave way and declined $3.36, or 4.5
percent, to close at $70.89 per barrel.
December silver rose 39 cents to close at $10.08
January platinum fell 80 cents to end at $891.70
Gold for December lost $22 to settle at $768 an
ounce. It has fallen in eight out of nine
sessions, with Monday marking its positive day.
"The seemingly unstoppable US dollar and a $3
fall in the value of crude oil sent the metal
back to an intra-day low near $764 -only some
$25 away from the prices it last saw on the 11th
of this month," said senior analyst Jon Nadler
at Kitco Bullion Dealers.
"Gold still appears pointed towards the
mid-$700ís if not lower, at this time. The name
of the game remains fund liquidation. And, it is
not isolated to gold. Base metals turned base(er)
today," added Nadler.
Gold typically follows oilís direction and moves
opposite to the U.S. dollar, as a weakened
dollar encourages investors to buy gold, also
considered a hedge or safe-haven during times of
high inflation and economic uncertainty.