Fool's Gold Report: Gold Stands Firm Against China Data As Other Metals Drophttp://www.fool.com/investing/general/2014/03/10/fools-gold-report-gold-stands-firm-against-china-d.aspx Dan Caplinger
March 10, 2014
Gold investors have looked closely at goings-on abroad recently, with the Crimea attracting the attention of markets generally. But today, the focus shifted to China and its extremely weak export data, as oil, copper, and other commodities fell sharply in response to the threat of a further slowdown in the emerging-market powerhouse. Yet April gold futures settled up $3.30 per ounce to $1,341.50, defying the other metals and helping the SPDR Gold Shares (NYSEMKT: GLD) inch upward today. But May silver fell $0.02 per ounce to $20.91, sparking a 0.3% drop in the iShares Silver Trust (NYSEMKT: SLV), and platinum-group metals were both down as well.
The mood of the market
For the most part, large speculative companies tend to take positions against those of producers, and that continued to be the case in this report, with producers using futures to lock in market prices. Although major producers have ended long-term hedging strategies, these positions can also reflect shorter-term futures designed to protect against near-term price fluctu