Gold And Silver Firmed On Quiet Trade
London (Dec 25) Gold prices reached a two-year low this week and many gold mining companies are feeling a severe squeeze on profits.
Gold settled above $1,200 on Tuesday as bargain hunters appeared after prices fell to six-month lows of around $1,200 an ounce.
"People are trying to avoid paying higher taxes than necessary for positions that will be marked-to-market at the end of Dec. 31, so there's quite a bit of portfolio evening out that's going on, so to speak,'' said George Gero, a gold market analyst and vice president at RBC Capital Markets Global Futures in New York.
"There's also been some short-covering and bargain hunting that has emerged since we got to below $1,200 in the last couple of days.'' London (Dec 25)
