Gold prices gain as the dollar dips
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By Jeremy Holcombe Contributing writer for Goldco Direct and End the Lie Gold prices spiked up again today as investors are becoming increasingly comfortable with the way that things are continuing to play out in the Eurozone. Also helping the matter was the fact that the dollar weakened again, helping gold prices to spike on that news alone. Gold for April delivery spiked up and gained another $16.60 to come in at $1,787.90 an ounce at the Comex division of the New York Mercantile Exchange earlier today. The price of gold has continued to trade as high as $1,788.50 an ounce and as low as $1,773.30 an ounce during the course of the earlier part of the day. The spot price of gold rose $10.90. Silver prices have also been doing well, and while they are in the background somewhat, the price of the white metal has investors very happy right now. The price of silver added $1.09 to come in at $35.415 an ounce. All this was happening while the U.S. dollar index spun downward 0.35% at $78.946. Jobs reports and the number of Americans filing for unemployment was unchanged. This is a good sign, depending on how you look at it. While the number didn’t go up, it didn’t drop any either which is relatively positive given the negative job growth we have seen for far too long. "Some of this decline [in job growth] may be due to the expiration of benefits rather than previously displaced workers finding new jobs," noted Millan Mulraine, senior U.S. strategist, TD Securities. "Nevertheless, at these levels claims are consistent with the U.S. economy generating at a 200,000 plus pace and as such we expect employment growth in February to fall within this range, suggesting that the labor market is continuing to build on the positive momentum generated over the past two months," Mulraine added. All of these aspects including the jobs report, unemployment report, the dollar, and the situation in Greece have been playing a major role in what has been going on with gold and silver to in February. Right now things are going well, as all of these pieces of news have been working positively in the favor of both gold and silver. The news has allowed investors to loosen up some and really start to get back to investing in the white and yellow metals. 2012 will probably bring more success like this if most of the analysts are correct in their projections. If something can get done in Greece soon (hopefully this won’t drag out until the 11th hour) then we should see more nice gains for gold and silver. The future of the dollar, on the other hand, is much more uncertain. The above article is for informational purposes only and is not a solicitation by End the Lie or Goldco Direct . It is the commentator’s opinion only and not intended for investment recommendations, and does not necessarily reflect the views of End the Lie or Goldco Direct . Any references to outside sources are believed to be accurate. Past performance is not a guarantee of future results. All commodities involve risk. Investors should consult their financial adviser before making any investment decisions.