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 Settle Higher on Protective Buying

NEW YORK (TheStreet ) -- Gold and silver prices settled higher as Greece's debt issues remained in the spotlight despite Parliament securing its next chunk of bailout money.

Gold for August delivery added $10.20 to close at $1,510.40 an ounce at the Comex division of the New York Mercantile Exchange. The gold price has traded as high as $1,513.80 and as low as $1,500.80 while the spot gold price was up $6.50, according to Kitco's gold index.

Silver prices rose $1.11 to $34.76 an ounce while the U.S. dollar index was losing 0.45% at $74.70 and the euro was adding 0.49% vs. the dollar.

Greece's parliament passed $40.3 billion in austerity measures, despite violent protests that brought Athens to a standstill, in order to secure the next portion of bailout money from the IMF and European Union. Although most investors expected this news, the euro staged a mini-rally which weighed on the dollar and helped gold and silver.



Parliament will vote on Thursday on how to implement tax hikes and spending cuts, which will cement the €12 billion handout needed to sustain Greece until September. The next chunk of cash will give the European Central Bank, EU and IMF officials time to work out a larger €110 bailout for Greece, which will be needed immediately. In question, is the role of private bondholders so the bailout money doesn't go directly towards principle or interest payments to creditors. According to reports, the IMF has forecast that Greece will have to pay out €131 billion in interest payments alone between 2009 and 2014.

Regardless of Greece's success in implementing austerity measures and receiving a bailout, many experts think financial disaster is inevitable and that only means good things for gold.

Tim Harvey, senior VP at ETF Securities, thinks Greece and the euro will see some stability but that it won't change things in the long term. "Each person in Greece owes €30,000 ... and Greece's main GDP earner is tourism and as of now there are no trains, no buses so where is the tax revenue going to come from?"

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!
DOW 17,098.45 +18.88 0.11%
S&P 500 2,003.37 +6.63 0.33%
NASDAQ 4,580.2710 +22.5760 0.50%

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