Jul 18, 2008 (Dow Jones Commodities News via Comtex) --
1611 GMT [Dow Jones] - Some of the recent weakness in gold may be due to its use as an "ATM machine" for other markets, says Larry Bilello, managing director of B&C Trading. August gold is $10.90 lower at $959.80 an ounce and is down roughly $30 from the early-week high. "Money that was put into gold has been sold and put into other things - either margin calls on energies or perhaps the stock market," he says. Technically, gold may have a hard time for now getting above $962.50 to the pit-session high of $963, he says. Support lies around $950. Meanwhile, September silver - down 50 cents to $18.235 - has fallen below support at $18.33, with the next level around $18, Bilello says. (ALS)
Contact us in Chicago at 312-750-4075; email@example.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=auex%2Fz%2BID%2BGPtpqCBKoHCA%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
Authoritative analysis and perspective for every segment of the payments industry
Authoritative analysis and perspective for every segment of the industry
Have an account? Sign In