Thread: Gold, Silver Prices Sink on Rush to Cash $$

Gold, Silver Prices Sink on Rush to Cash

By Alix Steel06/02/11 - 02:58 PM EDT1 Comment

NEW YORK (TheStreet ) -- Gold and silver prices ended lower Thursday as investors rushed to move into cash.

Gold for August delivery closed down $10.50 to $1,532.70 an ounce at the Comex division of the New York Mercantile Exchange. Gold traded as high as $1,545.50 and as low as $1,520.40 during the session, while the spot gold price was down $3.60, according to Kitco's gold index.

Gold prices clawed their way back from session lows in after-hours trading after Moody's warned the United States that its triple-A credit rating would be put on review for a possible downgrade if the debt ceiling wasn't raised. The dismal news prompted a move into the safe haven of gold.

Silver prices for July delivery lost $1.49 to close at $36.20 an ounce while the U.S. dollar index was 0.58% lower at $74.42.

http://www.thestreet.com/story/11140365 ... uying.html

did I understand you correctly? More people buying gold,reduced it's value?

Originally Posted by strugglingcitizen

did I understand you correctly? More people buying gold,reduced it's value?

Gold and silver prices ended lower Thursday as investors rushed to move into cash.