Gold, Silver Struggle as Investors Continue to Seek Cash

Investors continued to cash out of precious metals, but gold and silver pared overnight losses as some investors bet that European officials would outline a plan of action for dealing with the region's debt problems.

The most actively traded gold contract, for December delivery, was down $23, or 1.4%, at $1,616.80 a troy ounce in morning trade on the Comex division of the New York Mercantile Exchange.

The September-delivery gold was down $23.10, or 1.4%, at $1,614.40 a troy ounce.

European officials are discussing ways to boost the region's rescue fund and contain the sovereign-debt crisis. Investors hope for more coordinated action from the 17-member currency union after European Central Bank executive board member Lorenzo Bini Smaghi on Sunday expressed support for shaping Europe's bailout fund to mimic the U.S. efforts to stem the 2008 financial crisis.

Read Full Article from Wall Street Journal

- Posted: 2011-09-26 09:14:14

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