IN THE GOLD NEWS... Gold Ends Tues 1.5% Lower on Buffett Plan, But Stocks Retreat on Doubts
From Chris Mullen at GoldSeek.com...
Gold Prices rose to $924.70 in Asia on Tuesday, but then fell throughout most of London and New York trade to end with a loss of 1.5% for the session after Warren Buffet offered to reinsure up to $800 billion in municipal debt for three of the top bond insurers.
Treasuries fell and the Dow, Nasdaq, and S&P rose, but the stock market ended well off its highs on doubts that Buffet’s offer will be of much help.
“Project Lifeline” was also introduced by six top mortgage companies today and is backed by the U.S. Treasury and the Department of Housing and Urban Development. The program “would pause foreclosure proceedings for borrowers more than 90 days in arrears while servicers determine whether they could make payments under new terms," the six firms said in a statement.
Oil fell as worries over Hugo Chavez's threats to US supplies from Venezuela eased and traders prepared for expected US inventory builds to be reported Weds. The US Dollar index fell as the Euro rose on a better than expected German business sentiment survey.
The Gold Market finished $5 above its intra-day low of $903.45, while silver dropped as low as $17.10 by early afternoon in the US. It ended over 10 cents off that low with a loss of 0.98%.
The Gold Price in Euros fell to about €623 per ounce, platinum lost $14.50 to $1917.50, and copper remained at about $3.55.
Gold and silver equities steadily fell for most of trade and ended with roughly 3% losses.
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