Gold News & Info

Source: Dr. Bill Musgrave, American Gold Exchange

Austin— Gold dipped 0.1% to close a $1,238 following a dramatic plunge and recovery early in the trading session. After climbing as high as $1,248 this morning, the yellow metal tumbled $35 to $1,213 in a matter of moments before rebounding almost as quickly. It remains unclear whether the so-called "flash crash" was the result of an accidental trade, price manipulation, or merely a large fund liquidating a gold position. All that's known for sure is that a single trade of 4,200 contracts hit the market soon after ISM data was released showing the U.S. services sector slipping in December.

Gold traders are now at their most bullish in more than a year. According the most recent Bloomberg survey, more than 70% expect gold to rise over the next week, the most since December 2102. Gold has already rebounded by more than 5% so far this year, largely behind rising physical demand. The U.S. Mint sold 56,000 American Eagle gold bullion coins in December, the most in a month since June, and enjoyed a 14% rise in annual sales in 2013.

The other metals were mixed today. Silver slipped 0.5% while platinum and palladium picked up 0.2% and 1%, respectively.

At the Comex close: February dipped 60 cents to $1,238; March silver slid 11 cents to $20.10; April platinum picked up $2.20 to $1,416.40; and March palladium gained $7.30 to $738.50 an ounce.