Why Gold Was A Big Loser In Today’s Trading
Treasuries suffered their
biggest one day loss in over a year, and the selling pressure spilled into the
equity markets.
Equity
The US stock market. The Nasdaq
future
(
NDU3 |
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PowerRating) was down 1.50 to close at 1298.00. The S&P 500 contract
(
SPU3 |
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PowerRating) was down 1.70 at 1000.90, and the Dow
(
DJU3 |
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PowerRating) was down 30 at 9115.
Fixed Income
U.S. Treasuries suffered significant losses after Alan Greenspan
failed to assure bond holders that rates would go any lower. The 10 year futures contract
(
TYU3 |
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PowerRating) was
down 1-135 to close at 115-005; the 30 year
(
USU3 |
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PowerRating)
was down 2-07 at 112-15; and the five year note was down 280 at 113-260.
(
FVU3 |
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PowerRating).
Metals
August gold
(
GCQ3 |
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PowerRating) was down 5.6 as the result of
a stronger US dollar and higher rates, closing at
342.20. Silver
(
SIN3 |
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PowerRating) was down 13.90 at 4.6580. Copper was
down .40
at 79.40
(
HGU03 |
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PowerRating), and aluminum
(
ALN03 |
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PowerRating) was down at
.6600.
Energy
August crude
(
CL03Q |
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PowerRating) oil was up by .35 to
close at 31.62. Natural gas was down by .082 at 5.02
(
NG03Q |
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PowerRating).
Currencies
The USD index
(
DX03M |
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PowerRating) was up .85 to close
at 97.22 as a result of higher US yields..