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Monday, April 11, 2011

Silver Surges Gold Slips Below Record High

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Gold falls from record high, but silver surges

The yellow metal slips as the dollar strengthens, while silver extends its explosive rally.

By TheStreet Staff
Apr 11, 2011

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By Alix Steel, TheStreet


Gold prices were falling Monday as investors traded in their gold for cash at record high prices and as the U.S. dollar rallied.

Gold for June delivery was down $6 to $1,468.10 an ounce at the Comex division of the New York Mercantile Exchange. Gold has traded as high as $1,478 and as low as $1,465.40, while the spot gold price was shedding more than $7, according to Kitco's gold index.

Investors were cashing in on gold's record rally Friday, when the metal popped 1%. Record prices might also be scaring off traders worried about buying at the top. Silver prices seemed immune and were still rallying 12 cents to $40.73 an ounce despite jumping 7% last week.

The U.S. dollar index was adding 0.3% to $75.05 in a relief rally after the U.S. government avoided a shutdown and nailed down a budget for 2011. The currency had been selling off in anticipation of a government shutdown, which helped push gold higher Friday.
Oil prices were also reversing their Friday rally as rumors circulated of a possible cease fire in Libya orchestrated by the African Union. Saudi Arabia said it would be able to produce 12.5 million barrels of oil a day if need be, further offsetting supply concerns.

Silver, despite being affected by the same fundamentals as gold, is continuing its surge past $40 an ounce. The latest bank participation report from the U.S. Commodity Futures Trading Commission showed contracts betting against silver on the Comex grew 23% since the beginning of the year, which could signal a deeper correction to come -- or the possibility of higher prices if traders buy back those positions after silver's explosive rally.

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