Gold, Silver Fall as ECB Stays Out of It

by Angela Nazworth | August 2, 2012 4:42 pm

[1]Gold and silver fell Thursday amid news that Mario Draghi and the European Central Bank aren’t going to take immediate action to push growth and rejuvenate the wallowing eurozone.

“Increased or decreased prospects of (central bank) intervention seem to be the rationale for any move in precious metals at the moment,” a London analyst told Bullion Vault[2] in a statement.

Gold futures about traded 1% lower Thursday, with a final bid of $1,587.80 per ounce, according to CME Group data[3]. Gold prices reached a high of $1,615.20 and a low of $1,585.90. Gold bullion finished lower at $1,592 per ounce for Thursday’s trading session in London[4].

Silver futures traded 2% lower Thursday, with a final bid of $26.99 per ounce. Thursday’s high for silver reached $27.78, and the low was $26.88.

Gold and silver trusts finished down Thursday.

• The SPDR Gold Trust (NYSE:GLD[5]) finished down 0.7%.
• The iShares Gold Trust (NYSE:IAU[6]) was 0.7% lower.
• The iShares Silver Trust (NYSE:SLV[7]) slipped 0.8%.

Gold and silver mining ETFs showed losses Thursday.

• The Market Vectors Gold Miners ETF (NYSE:GDX[8]) fell 0.5%.
• The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[9]) finished 0.4% lower.
• The Global X Silver Miners ETF (NYSE:SIL[10]) was 0.7% lower.

Gold mining shares showed varying losses Thursday, with Kinross Gold

(NYSE:KGC[11]) taking the worst of it for the second day straight. The Canadian-based mining company fired CEO Tye Burt yesterday and replaced him with J. Paul Rollinson.

• Agnico-Eagle Mines (NYSE:AEM[12]) was down 1.3%.
• Barrick Gold (NYSE:ABX[13]) finished 1.1% lower.
• Eldorado Gold (NYSE:EGO[14]) dipped 1.5%.
• Goldcorp (NYSE:GG[15]) finished 0.1% lower.
• Kinross Gold dove 5.9%.
• Newmont Mining (NYSE:NEM[16]) lost 0.1%.
• NovaGold Resources (AMEX:NG[17]) gained 0.5%.
• Yamana Gold (NYSE:AUY[18]) finished down 0.6%.

Silver mining shares brought in varying results Thursday.

• Coeur d’Alene Mines (NYSE:CDE[19]) was up 1.3%.
• Hecla Mining (NYSE:HL[20]) finished flat.
• Pan American Silver (NASDAQ:PAAS[21]) was 1.4% lower.
• Silver Wheaton (NYSE:SLW[22]) dropped 0.2%.
• Silver Standard Resources (NASDAQ:SSRI[23]) climbed 1.2%.

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.

Source URL: https://investorplace.com/2012/08/gold-silver-fall-as-ecb-stays-out-of-it/

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