Gold Prices Pare Losses After Terrible U.S. GDP Report

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Gold Prices Pare Losses After Terrible U.S. GDP Report

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Gold Prices Pare Losses After Terrible U.S. GDP Report

TheStreet 2:26 mins

The Commerce Department on Wednesday reported that first quarter GDP contracted by 2.9%, the worst year-over-year quarterly reading since first quarter 2009. Gold prices, which already had been falling, regained some of those losses on the news. ETF Securities U.S. research director Mike McGlone tells TheStreet's Joe Deaux that a bad economic quarter does lend some support to gold, but says he remains more bullish on silver as industrial production picks up worldwide. Find out how high McGlone expects silver to rise and how much he expects the gold-to-silver ratio to shrink.

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