This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

Gold, Silver Prices Get Pummeled

Stocks in this article: HMY

NEW YORK ( TheStreet) -- Gold prices were in free fall Thursday despite continued concerns about unrest in the Middle East and growing worries about Eurozone debt woes.

Gold for April delivery fell $17.10 to settle at $1,412.50 an ounce at the Comex division of the New York Mercantile Exchange. The gold price today has traded as high as $1,431.80 and as low as $1,403 while the spot gold price was losing more than $19, according to Kitco's gold index.

"If in fact gold does sink and break the $1,400 psychological level then, of course, we will be open to new discussions," says Jon Nadler, senior analyst at Kitco.com, who was looking to $1,415-$1,410 as a support level.

Silver prices settled down 98 cents to $35.06 after the metal settled at a 31-year high Wednesday of $36.04 an ounce. "People better get used to $1-$2 moves intra-day," argues Nadler.



Gold and silver may have been expected to move higher on safe haven buying, but instead were getting lumped in with a broad market selloff.

There were reports that Gadhafi loyalists bombed an oil field in Libya as fighting escalated. Moody's struck out at Eurozone nations again, this time downgrading Spain's credit rating one level to aa2 with a negative outlook citing worries over the country shoring up its banking system. Moody's cut Greece's credit rating Monday and downgraded 6 of its banks Wednesday.

EU leaders will meet on Friday to discuss making its bailout facility permanent as well as outlining rules for those countries seeking cash. Analysts now expect this agreement to be a watered-down version of what was expected as countries like Ireland and Greece, who have accepted bailout money, balk at high loan rates and steep deficit reductions complaining they are too punitive.



The Bank of England also left interest rates at 0.5%, which was expected, as the easy cheap money flow continues in the country even as inflation nears 4%.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
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!

Markets

DOW 17,827.75 +12.81 0.07%
S&P 500 2,072.83 +5.80 0.28%
NASDAQ 4,787.3170 +29.0650 0.61%

Brokerage Partners

Rates from Bankrate.com

  • 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