This Day On The Street
Continue to site
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

Gold Prices Flatline as Gold Miners Surge on Dow Record (Update 1)

Factory orders came in a bit better than expected, but the Census Bureau said they still fell 2% in January. Economists had been looking for a 2.2% decline. Gold prices popped back above the session's flat-line on Wednesday as the decline in the factory orders report led investors to believe the manufacturing sector faces more economic headwinds.

"This down means there's going to be less production," said Miguel Perez-Santalla, vice president of business development for Bullion Vault.

Looking ahead, gold traders may be keeping a close eye on Friday's non-farm payrolls report for February.

The recent gloom for gold may have hidden shine.

Doubleline Capital CEO Jeff Gundlach said Wednesday in a presentation that the Fed would not slow down its quantitative easing programs any time soon and said now would be a "reasonably good entry point for gold."

Platinum for April delivery dipped $5.90 to $1,579.80 an ounce, and palladium for June delivery added $5.45 to $740.05 an ounce, a day after the precious metals popped on positive news for auto sales outlook.

"We had some better news coming out of China, and the auto market more generally, stronger car sales and, of course, platinum and palladium are key ingredients in the catalytic converters which clean the emissions on cars," Will Rhind, managing director of ETF Securities U.S., said in an interview. "The auto industry was one of the worst affected industries by the financial crisis in 2008, and slowly but surely we've picked ourselves up from that position."

Rhind said that as the global economy continues to recover, so will car sales. This could be positive for platinum and palladium prices.

-- Written by Joe Deaux in New York.

>Contact by Email.

2 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
AEM $22.13 0.00%
GDX $13.75 0.00%
GDXJ $19.34 0.00%
KGC $1.82 0.00%
RGLD $50.42 0.00%

Markets

Chart of I:DJI
DOW 17,689.86 -56.12 -0.32%
S&P 500 2,103.84 -4.79 -0.23%
NASDAQ 5,128.2810 -0.5040 -0.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs