This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Gold, Silver Prices Reach Another Record

Stocks in this article: CDE NAK GLD ABX NEM GOLD AU

HOLLYWOOD, Fla. ( TheStreet ) -- Gold prices closed at a record high Wednesday as silver trumped a 31-year high.

Gold for April delivery settled up $6.50 to $1,437.70 an ounce at the Comex division of the New York Mercantile Exchange. The gold price hit a record intra-day high of $1,441 an ounce and hit a low of $1,428.20. The spot gold price was up 30 cents, according to Kitco's gold index, after settling Tuesday at its own record of $1,433 an ounce.

Silver prices hit a high of $34.97 Wednesday and the May contract settled up 40 cents to $34.83.

Most Recent Quotes from

The U.S. dollar index was down 0.46% to $76.64, which was lending support to the metals.

Federal Reserve chairman, Ben Bernanke, intimated in his testimony to the House Financial Services Committee Tuesday and Wednesday that he isn't ruling out a third round of quantitative easing, despite the fact that oil prices are surging and the employment landscape is slowly improving. The ADP employment report for February showed that the private sector added 217,000 jobs.

The Fed released its Beige Book this afternoon, an anecdote for the U.S. economy, saying that the U.S. continues to grow at a "modest to moderate pace" despite persistent unemployment. Interest rates are expected to still remain low for an extended period of time. Gold prices came off from their highs on the positive growth outlook, but acknowledgments that inflation was lurking and that businesses were passing along some of the higher costs, kept a firm floor under prices.

Many investors had been wondering if oil's recent rise over $100 a barrel would prompt the Fed to tighten the money supply to cool inflation. Bernanke's adherence to low rates, however, was a green light for precious metal traders who bought gold and silver as protection against a weaker dollar.

Unrest and violence in the Middle East showed no sign of slowing down as government troops in Libya regained control over a city in the mostly rebel-held Eastern half of the country. The worries that unrest could spread to bigger oil producers like Iran and Saudi Arabia were also keeping gold's safe haven identity alive.

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs