Gold moves up with rising oil values

New York gold prices were off to the (oil-led) races on this, the first day of July, with a near 2% gain, quoted at $942 per ounce amid rising oil values ($142.00 up $2.00) and a declining dollar (down .17 to 72.28 on the index).

Stock futures pointed to a weak opening today, and they indeed followed through on the signal, with the Dow dropping 126 points, as analysts pondered whether last Friday was a bottom, or the beginning of a hairy bear market. Auto sales came in quite weak, denting the Dow further, with Ford's sales slipping 28% and Toyota's (!) dropping over 21% as US buyers stayed away from dealer lots, hoping that, somehow, they can also stay away from the corner gas pump. SUVs anyone? Road trips this summer?

Gas stations in parts of the US are reportedly taking credit cards up-front and requiring all kinds of ID in order to prevent some from driving off with a $100 tankful of gas. Locking gas caps are making Pep Boys a fortune suddenly.

Silver added a more robust 4.3%, rising 76 cents to $18.16 while platinum gained $13 to $2064 and palladium rose $5to $465 per ounce. Also helping gold in this session, were reports that the ECB completed sales of 30 tonnes of bullion as of yesterday, and that it does not intend to sell any more ahead of September's conclusion of the current sales year window.

The ECB's imminent rate hike decision was playing into the euro's hand today, as the currency rose to 1.58 against the greenback.

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