Gold Drops, Silver Stagnant on Tuesday
by Angela Nazworth | August 14, 2012 4:28 pm
[1]Gold futures traded 0.6% lower Tuesday, with a final bid of $1,599.80 per ounce, according to CME Group data[2]. Gold prices reached a high of $1,615.20 and a low of $1,591.20. Gold bullion finished down at $1,603 per ounce for Tuesday’s trading session in London, according to BullionVault[3].
“Policy expectations will determine the bulk of gold’s performance,” according to a note from UBS[4]. “Gold needs a ‘big bang’ to reignite investor interest, the likely culprit to be policy response from central banks, with US action the key.”
Silver futures were flat Tuesday, with a final bid of $27.76 per ounce. Tuesday’s high for silver reached $27.97, and the low was $27.76.
Gold funds saw losses Tuesday, while the iShares Silver Trust (NYSE:SLV[5]) edged upward.
- The SPDR Gold Trust (NYSE:GLD[6]) was down 0.6%.
- The iShares Gold Trust (NYSE:IAU[7]) was 0.5% lower.
- The iShares Silver Trust inched up 0.2%.
Gold and silver mining ETFs also suffered losses.
- The Market Vectors Gold Miners ETF (NYSE:GDX[8]) fell 0.7%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[9]) finished 1.4% lower.
- The Global X Silver Miners ETF (NYSE:SIL[10]) dipped 1.4%.
Most gold mining shares moved south Tuesday. NovaGold Resources (AMEX:NG[11]) bucked the trend.
- Agnico-Eagle Mines (NYSE:AEM[12]) was down 0.9%.
- Barrick Gold (NYSE:ABX[13]) finished 0.2% lower.
- Eldorado Gold (NYSE:EGO[14]) fell 0.7%.
- Goldcorp (NYSE:GG[15]) dipped 0.4%.
- Kinross Gold (NYSE:KGC[16]) was 0.4% lower.
- Newmont Mining (NYSE:NEM[17]) finished 1.2% lower.
- NovaGold Resources gained 0.5%.
- Yamana Gold (NYSE:AUY[18]) finished down 0.3%.
Silver mining shares suffered losses Tuesday, with Silver Standard Resources (NASDAQ:SSRI[19]) among the worst.
- Coeur d’Alene Mines (NYSE:CDE[20]) dipped 0.3%.
- Hecla Mining (NYSE:HL[21]) fell 0.9%.
- Pan American Silver (NASDAQ:PAAS[22]) was 1.7% lower.
- Silver Wheaton (NYSE:SLW[23]) dropped 0.8%.
- Silver Standard Resources fell 2.5%.
As of this writing, Angela Nazworth did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[24] 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/
- according to a note from UBS: http://goldnews.bullionvault.com/gold-prices-081420121
- SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
- GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
- IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
- 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
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- 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
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
- 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
- BullionVault: http://www.bullionvault.com
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