- Gold prices settle -1.9% at $1,331.20/oz. for the sharpest daily decline since December 2016, as the dollar continues its rebound from a brutal selloff in recent weeks and many Asian investors - big buyers in gold - continue to observe Lunar New Year, dampening buying momentum.
- But gold could get a boost as the U.S. government launches a series of auctions for $258B worth of debt this week; "if there is less than the required appetite for that mountain of debt, that could weaken the dollar and support gold," says Ole Storer, head of commodity strategy at Saxo Bank in Copenhagen. "That leads me to believe that any correction in gold will continue to be a buying opportunity at this stage."
- Among top precious metals stocks: ABX -1.8%, GG -2%, KGC -2.3%, NEM -1.8%, EGO -1.8%, AEM -2.7%, RGLD -3.7%, AUY -3.7%, GFI -3.3%, AU -4.3%, FNV -1.6%, WPM -1.6%.
- ETFs: GLD, SLV, GDX, NUGT, GGN, DUST, IAU, AGQ, PSLV, SIL, PHYS, USLV, SIVR, SGOL, GOEX, UGLD, ZSL, SGDM, UGL, SLVO, DGP, GLL, ASA, GTU, GLDI, OUNZ, SLVP, DSLV, RING, DZZ, DGL, DGLD, TGLDX, DBS, DGZ, PSAU, GOAU, GDXX, GYEN, BAR, GEUR, GDXS, GLDW, GHS, UBG, USV, SHNY, QGLDX, GHE, MELT, DULL
- Now read: Day Trading Opportunities In Gold
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