2011-07-04

Gold price opened the new quarter on a negative note

The gold price opened the new quarter on a negative note, sliding $13.77, or 0.9%, to $1,486.33 per ounce amid widespread selling in precious metals. The price of gold briefly fell below $1,480, but pared its losses into the close of trading. Silver tumbled alongside the gold price, dropping $0.92, or 2.7%, to $33.80 per ounce. For the week, the price of gold and silver declined 1.1% and 1.5%, respectively.

Gold and silver shares moved lower in concert with precious metals as the Philadelphia Gold & Silver Index (XAU) declined 0.8% to 199.45. Notable decliners included Goldcorp (GG) and Harmony Gold (HMY), which fell 1.9% and 3.1%, respectively. Despite Friday’s losses, the XAU managed to outperform the price of gold and silver, closing up 3.9% on the week.

Although the gold price has now dropped in three of the past four weeks, it remains higher by 4.6% year-to-date and within 6% of its $1,577.40 all-time high. One of the staunchest bulls on the gold price in recent years has been Peter Schiff, President of Euro Pacific Capital. In an interview with King World News, Schiff provided his latest thoughts on the price of gold, silver, the U.S. dollar, and the European sovereign debt crisis.

While the gold price has hovered around the $1,500 level over the past month, Schiff predicted it will soon resume its climb to new all-time highs. “I expect the gold price to move a lot higher as the dollar breaks down,” Schiff stated. “I’m surprised gold is as cheap as it is given all of the money we’ve already printed and the money we’re threatening to print. Over $10,000 (gold) could happen, there’s no floor on the dollar, so there’s no ceiling to gold.”

1 comments:

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