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Spot Gold Prices: Relish the Dips, Says Investment Manager

Spot gold prices tick down very slightly Thursday afternoon amid a small uptick in the dollar index; one gold expert says to pay no heed to such day to day fluctuations.
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NEW YORK (TheStreet) -- Spot gold prices ticked down very slightly Thursday afternoon amid a small uptick in the dollar index.

The U.S. dollar index was flat but a tad higher than the previous day's movement.

Still, at least one gold expert said to pay no heed to such day to day fluctuations.

Thursday's slight downtick was almost negligible, but any further dips shouldn't inspire fear among investors -- or, rather, they should be viewed as an opportunity, according to one gold adviser.

"Value-oriented buyers aren't scared by price declines, they relish them as it allows them to purchase more at 'sale' prices," Atyant Capital's managing director Pratik Sharma said. "Smart buyers," he said, "don't chase prices higher, they buy on pullbacks."

That said, Sharma noted that investors shouldn't allow themselves to be consumed by the price of gold on a daily basis. After all, he said, gold is a form of insurance; it's an asset not to be traded. "It is insurance and should be regarded as such," he emphasized.

New York spot gold prices were falling by $15.10, or 1.1%, to $1,334 an ounce Thursday afternoon.

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New York

spot silver prices

were sinking by 66 cents, or 2.9%, at $22.53.

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New York spot platinum prices were retreating by $16, or 0.9%, at $1,695 an ounce, while its sister metal was slipping.

New York spot palladium prices were sliding by $2, or 0.3%, at $585 an ounce.

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A group of mining stocks and precious metals ETFs were in the red Thursday afternoon. Mining stocks offer another form of exposure to precious metals.

Hecla Mining

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fell by 4.2% to $6.42, while



surrendered 3.4% to $43.64.

Stillwater Mining


tumbled by 3.8% to $15.78.

SPDR Gold Trust ETF

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was down by 1.1% to $130.33 and

ETFS Physical Palladium Shares

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was 0.6% lower to $58.46.

-- Written by Andrea Tse in New York.

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