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Gold Prices Stem Earlier Losses, Settle Flat

Stocks in this article: GLD SGOL PPLT PAL

"In terms of our holdings, we are very much seeing more of a holding pattern with ETFS Securities Physical Gold (SGOL) ," says Daniel Wills, senior analyst at ETF Securities. The most popular gold ETF, SPDR Gold Shares (GLD), shed only 2 tons in the last week as buying stopped and selling slowed.

"The other risk assets are very much still in play," says Wills who has seen strong inflows into their ETFS Physical Platinum (PPLT) and ETFS Physical Palladium (PALL). Platinum added 14,899 ounces in February while palladium added almost 20,000.

Platinum lost $2.50 to $1,859.40 an ounce while palladium ended down $12 to $826.45 an ounce. These two metals are so "geared to the auto sector cycle," explains Wills "and this has been a particularly strong point in the emerging market growth story."

Silver prices shed 18 cents to $30.09. The metal has been moving more with gold this week rather than industrial metals, despite the fact that it is used in construction and manufacturing. The metal settled over the $30 level for three consecutive trading days. Many experts are looking a $30.50 as the target, the one silver must take out before confirming an up move.

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Gold mining stocks, a risky but profitable way to buy gold, were losing ground. Goldcorp (AUY) was down 1.11% at $42.61 while Harmony Gold (HMY - Get Report) was losing 1.92% at $10.75. Goldcorp recently announced that its proven and probable gold reserves rose 23% to 60.1 million ounces in 2010.

Other gold stocks Gold Fields (GFI - Get Report) and New Gold (NGD - Get Report) were trading at $15.92 and $9.25, respectively.

More on Gold
Gold Price News
How to Invest in Gold

-- Written byAlix Steel in New York.

>To contact the writer of this article, click here: Alix Steel.

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Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.
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