- Tools for Investors
- Stock News
- Investing Ideas
- Econ & Policy
- Personal Finance
Both precious metals were relatively quiet ahead of Germany’s ruling on Europe’s bailout fund, but the U.S. dollar index continued to decline as the U.S. trade deficit expanded in July for the first time since March. The total value of goods and services sold overseas dropped by $1.9 billion in July, increasing the trade deficit to $42 billion.
Don’t Miss: Bernanke JACKS UP Gold and Silver
The European insolvency crisis caused U.S. exports to the European Union to plunge by almost 12 percent. “Global demand is weakening, explained Carl Riccadonna, a senior U.S. economist at Deutsche Bank, according to Bloomberg. “The second-half outlook is going to depend a lot on the consumers, and that means more than ever we have to stay focused on the labor data and also the confidence numbers.” The dollar fell to as low as 79.79.
In afternoon trading, the SPDR Gold Trust (NYSEARCA:GLD) increased 0.39 percent, while the iShares Silver Trust (NYSEARCA:SLV) gained 0.50 percent. Gold miners (NYSEARCA:GDX) such as AngloGold Ashanti (NYSE:AU) and Newmont Mining (NYSE:NEM) both jumped more than 1 percent. Meanwhile, First Majestic Silver (NYSE:AG) and Endeavour Silver (NYSE:EXK) gained 2.2 percent and 0.95 percent, respectively.
Investor Insight: Gold & Silver: Don’t Call It a Comeback Story
If you would like to receive professional analysis on miners and other precious metal investments, we invite you to try our premium service free for 14 days.
Disclosure: Long EXK, AG, HL, PHYS
Don't miss one of the biggest bull markets in history! Covers Gold, Silver, Gold & Silver stocks, and miners.
There's always a bull market in some sector! Find the best opportunities in commodities.