Gold Falls, and Miners Fall Harder Tuesday
by Angela Nazworth | July 10, 2012 5:44 pm
[1]Gold and silver prices dipped Tuesday amid news of progress on Spain’s latest bank recapitalization efforts, while miners strongly followed the equity markets south.
Gold futures dipped 0.58% during Tuesday’s trading, with a final bid of $1,579.80 per ounce, according to CME Group data[2]. Gold reached a high of $1,602 and a low of $1,573.
Silver futures finished the day down 2% with a final bid of $26.85. Tuesday’s high for silver prices reached $27.51, and the low was $26.75.
Gold bullion ended at $1,572 per ounce for Tuesday’s trading session in London, according to BullionVault[3].
Gold and silver trusts experienced moderate losses Tuesday.
- The SPDR Gold Trust (NYSE:GLD[4]) ticked down about 1.2%.
- The iShares Gold Trust (NYSE:IAU[5]) was about 1.3% lower.
- The iShares Silver Trust (NYSE:SLV[6]) dipped about 1.7%.
Movement in gold and silver mining ETFs was strongly negative, especially among gold miners.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) fell around 3.1%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) sharply fell about 4%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) was about 1.7% lower.
Gold mining shares showed significant losses across the board Tuesday.
- Agnico-Eagle Mines (NYSE:AEM[10]) dropped about 4.1%.
- Barrick Gold (NYSE:ABX[11]) was down about 2.7%.
- Eldorado Gold (NYSE:EGO[12]) showed losses of around 5.5%.
- Goldcorp (NYSE:GG[13]) was down 2.3%.
- Kinross Gold (NYSE:KGC[14]) plummeted 4.8%.
- Newmont Mining (NYSE:NEM[15]) showed losses of 2.7%.
- NovaGold Resources (AMEX:NG[16]) was down 3.7%.
- Yamana Gold (NYSE:AUY[17]) was about 2.3% lower.
Most silver mining shares also slid heavily Thursday.
- Coeur d’Alene Mines (NYSE:CDE[18]) slid about 5.2%.
- Hecla Mining (NYSE:HL[19]) dropped about 5.5%.
- Pan American Silver (NASDAQ:PAAS[20]) showed sharp losses of around 3.5%.
- Silver Wheaton (NYSE:SLW[21]) dipped around 4.4%.
- Silver Standard Resources (NASDAQ:SSRI[22]) was down about 6.3%.
As of this writing, Angela Nazworth did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[23] contributed to this report.
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- CME Group data: http://www.cmegroup.com/trading/metals/precious/gold_quotes_settlements_futures.html
- BullionVault: http://www.bullionvault.com/
- GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
- IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
- SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
- GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
- GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
- SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
- HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
- PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
- SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
- SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
- BullionVault: http://www.bullionvault.com
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