Gold, silver sell off on profit taking; US PPI now in focus gold silver PPI
- Gold and silver prices are lower at midday Wednesday and have erased the modest gains seen in the immediate aftermath of a U.S. inflation report that was close to market expectations. Profit taking from the speculative futures traders is featured in both markets. June gold was last down $11.00 at $2,031.90 and July silver was down $0.343 at $25.555.
In other news, China is expanding its gold reserves and may be abandoning the U.S. dollar. Nigel Green of deVere Group says such may be occurring after news that China's gold reserves increased by 8.09 tons in April. Total gold stockpiles in China reached 2,076 tons after that nation added 120 tons in the five months through March."Historically, China has been a major buyer of U.S. Treasuries, but this has seen a marked cooling off as Beijing swaps them out in favor of gold.
The key outside markets today see the U.S. dollar index slightly lower. Nymex crude oil prices are weaker and trading around $73.00 a barrel. Meantime, the benchmark 10-year U.S. Treasury note yield is presently fetching 3.462% and dipped a bit after the CPI report.
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