Certified Gold Prices Fall With Other Commodities Posted by Brian Ford on May 15, 2013
Certified gold coin prices fell Wednesday morning as did a number of other commodities. A stronger U.S. currency forced the prices of many commodities down, including but not limited to: gold, silver, copper, oil, wheat, corn and sugar.
Gold and silver held their ground better than other commodities, and gold maintained its value better than silver. As of noon EST on Wednesday the gold spot price was down $29, or 2 percent, while silver was down $0.70, or slightly more than 3 percent.
Wednesday’s fluctuations marked a change in the relationship between certified gold and silver prices, as the recent trend has been for silver to hold its value on “off” days better than gold. The dollar’s surge on Wednesday, however, forced both metals below key support points and stirred talk of another large crash, similar to the one the market experienced in mid-April.
“Now that gold has crossed the $1400 per ounce line, there is no telling how far it may drop,” said Kevin Carr, analyst at Certified Gold Exchange. “There is lots of buying taking place on the physical side of the market, but the lack of interest by derivatives investors paired with a stronger dollar means we could see gold go as low as $1360 by the end of the week. Then again, today’s unexpected price decline could motivate investors and help push gold back up to $1420 or so,” Carr added.
Check in with the Certified Gold Exchange Daily Market Update this Friday to see how certified gold prices round out the week.