U.S. stocks declined in early trade on Thursday as disappointing outlook from Cisco Systems and lower commodity prices weighed.
Thursday's London Silver Fix set the white metal's price at $32.50 per ounce, nearly $7 lower than a day earlier and 33% below the 31-year high of $48.70 set on April 28. [Silver] is still in an uptrend, despite the sharp sell-off reckons Mary Ann Bartels, head of US technical and market analysis at Bank of America Merrill Lynch, who said yesterday silver could hit $50 per ounce by the end of the year.
The companies whose shares are moving in pre-market trade on Thursday are: Flotek Industries, Symantec Corp, CVS Caremark, TJX Companies, Northstar Realty Finance, Silvercorp Metals, Cisco Systems, Nvidia, Emerson Electric, AU Optronics and Iamgold Corp.
The top after-market NYSE gainers on Wednesday are: Aegean Marine Petroleum, Teekay Tankers, Flotek Industries, Hovnanian Enterprises and AU Optronics Corp. The top after-market NYSE losers are: Northstar Realty Finance, Iamgold, NetQin Mobile, Silvercorp Metals and Talisman Energy.
U.S. stocks dropped sharply (wiping out this week’s advances) in tandem with plunging commodity prices
Gold rallied to one-week highs at $1526 per ounce in Wednesday morning trade - a gain of 4.3% from last Friday's low - before falling back as world stock markets also cut their rally. Silver has now regained a third of its losses since falling over 30% from a 31-year peak of $48.70 at the end of April.
Governments, or nowadays central banks, are traditionally the largest holders of gold. And for most of the past two decades, central banks have been net sellers of gold. But since 2010, central banks are net buyers again, because central banks of emerging market economies are aiming to diversify their ever growing currency reserves and reach a similar level in gold reserves as the club of old industrial economies.
Spot Gold prices rose for the second day running in London on Tuesday, reclaiming half of last week's 7% drop from the all-time Dollar high as world stock markets rallied again with commodity prices.
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Investors around the world, more so the Chinese, are buying up gold assets to cover against rising inflation risk, macroeconomic uncertainties, a possible currency doom and the ever worsening U.S. debt scenario. The gargantuan demand from China can cause the yellow metal's prices to skyrocket, analysts feel. If the Chinese buying trend is ably supplemented with a fall in the value of dollar, this could result in a skyrocketing of prices.
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Gold and silver have rebounded on Monday after last week’s big drop. Gold is trading above $1,500 per ounce and silver recovered to $36 per ounce
The Silver Price rallied to $38.00 at Monday's London Fix – rising over 11% from Friday lunchtime's Fix – before also slipping back to trade 26% below late April's 3-decade record.
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Silver Bullion rallied from a drop below $34 per ounce, the fifth daily plunge running and some 31% below last Thursday's new three-decade high. Dollar prices to Buy Gold whipped in a $10 range Friday morning in London, trading up to $1488 per ounce - some 5.5% below Monday's record-high spike- as European equities and global commodities stemmed their losses.
The top after-market NYSE gainers on Thursday are: Demand Media, AMN Healthcare Services, Hilltop Holdings, Green Dot, VOC Energy Trust, CF Industries Holdings, Fluor Corp, U.S. Gold, Thompson Creek Metals and Domtar Corp.
Oil prices rose by 1.3 percent on Friday as a weakened dollar sparked a rebound, but economic data expected during the US market hours could force the commodity south.
U.S. stocks declined in early trade on Thursday after Department of Labor reported that weekly jobless claims unexpectedly rose last week.
Commodity prices fell once again, and Silver Bullion sank for the fourth day in succession, losing 22.5% against the Dollar since Thursday last week - the sharpest plunge since April 1987.
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