Gold, Silver Slip After Hopeful Start Tuesday

by Angela Nazworth | July 17, 2012 4:49 pm

Gold and silver futures trading looked hopeful earlier Tuesday, but slipped after Federal Chairman Ben Bernanke gave his weekly economic address.

Gold futures traded 0.1% lower Tuesday with a final bid of $1,589.50 per ounce, according to CME Group data[1]. Gold reached a high of $1,598.80 and a low of $1,571. Gold bullion ended at $1,587 per ounce for Tuesday’s trading session in London, according to BullionVault[2].

“Investor interest in gold is far from overwhelming despite ongoing macro uncertainty,” VTB Capital analyst Andrey Kryuchenkov said[3].

Silver futures were flat with a final bid of $27.29 per ounce. Tuesday’s high for silver prices reached $27.53, and the low was $26.82.

Gold and silver trusts dipped slightly Tuesday.

• The SPDR Gold Trust (NYSE:GLD[4]) was down about 0.5%.
• The iShares Gold Trust (NYSE:IAU[5]) was about 0.4% lower.
• The iShares Silver Trust (NYSE:SLV[6]) drooped about 0.1%.

Gold and silver mining ETFs showed varying losses Tuesday.

• The Market Vectors Gold Miners ETF (NYSE:GDX[7]) was down about 1.1%.
• The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) dipped about 0.8%.
• The Global X Silver Miners ETF (NYSE:SIL[9]) was about 0.2% lower.

Gold mining showed losses almost across the board Tuesday, with Kinross Gold (NYSE:KGC[10]) leading the way. NovaGold Resources

(AMEX:NG[11]) went its own way, recording strong gains in Tuesday’s trading.

• Agnico-Eagle Mines (NYSE:AEM[12]) lost about 0.7%.
• Barrick Gold (NYSE:ABX[13]) was up about 0.8%. 
• Eldorado Gold (NYSE:EGO[14]) showed losses of around 3.2%.
• Goldcorp (NYSE:GG[15]) was down about 0.3%.
• Kinross Gold was about  3.7% lower.
• Newmont Mining (NYSE:NEM[16]) dipped about 0.9%.
• NovaGold Resources was up about 1.6%.
• Yamana Gold (NYSE:AUY[17]) was down about 1.5%.

Silver mining shares were slightly lower Tuesday, with the exception of Silver Standard Resources (NASDAQ:SSRI[18]), which notched small gains.

• Coeur d’Alene Mines (NYSE:CDE[19]) slipped nearly 2%.
• Hecla Mining (NYSE:HL[20]) climbed about 0.7%.
• Pan American Silver (NASDAQ:PAAS[21]) was around 1.3% lower.
• Silver Wheaton (NYSE:SLW[22]) was flat.
• Silver Standard Resources rose about 0.1%.

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.

Source URL: https://investorplace.com/2012/07/gold-silver-slip-after-hopeful-start-tuesday/

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