Gold, Silver Inch Lower; Miners Bring Home More Losses
by Angela Nazworth | August 13, 2012 4:34 pm
[1]Gold futures traded 0.6% lower Monday, with a final bid of $1,610.10 per ounce, according to CME Group data[2]. Gold prices reached a high of $1,625.20 and a low of $1,608.50. Gold bullion finished down at $1,612 per ounce for Monday’s trading session in London, according to BullionVault[3].
The cost of an ounce of gold bullion minus an ounce of platinum breached $230 an ounce Monday, a new record high for the gold-platinum premium[4].
Silver futures were down 1% Monday, with a final bid of $27.77 per ounce. Monday’s high for silver reached $28.15, and the low was $27.69.
Gold and silver funds saw losses Monday.
- The SPDR Gold Trust (NYSE:GLD[5]) was down 0.8%.
- The iShares Gold Trust (NYSE:IAU[6]) was 0.8% lower.
- The iShares Silver Trust (NYSE:SLV[7]) dropped 1.3%.
Gold and silver mining ETFs also showed lower results.
- The Market Vectors Gold Miners ETF (NYSE:GDX[8]) fell 1.4%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[9]) finished 1.3% lower.
- The Global X Silver Miners ETF (NYSE:SIL[10]) dipped 0.5%.
Most gold mining shares dipped Monday, with Kinross Gold (NYSE:KGC[11]) among the worst. NovaGold Resources (AMEX:NG[12]) was the exception by bringing in mild gains.
- Agnico-Eagle Mines (NYSE:AEM[13]) was down 1%.
- Barrick Gold (NYSE:ABX[14]) finished 1.1% lower.
- Eldorado Gold (NYSE:EGO[15]) fell 1.2%.
- Goldcorp (NYSE:GG[16]) dipped 1.3%.
- Kinross Gold was 2.3% lower.
- Newmont Mining (NYSE:NEM[17]) finished 1.2% lower.
- NovaGold Resources gained 0.2%.
- Yamana Gold (NYSE:AUY[18]) finished down 1.8%.
Most silver mining shares brought in losses Monday, with Silver Standard Resources (NASDAQ:SSRI[19]) leading the way. Silver Wheaton (NYSE:SLW[20]) bucked the trend by showing slight gains.
- Coeur d’Alene Mines (NYSE:CDE[21]) dipped 0.8%.
- Hecla Mining (NYSE:HL[22]) fell 1.9%.
- Pan American Silver (NASDAQ:PAAS[23]) was 1% lower.
- Silver Wheaton (NYSE:SLW[20]) rose 0.2%.
- Silver Standard Resources plummeted 2.4%.
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/
- gold-platinum premium: http://goldnews.bullionvault.com/gold-bullion-081320121
- 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
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- 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
- 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
- SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
- 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
- BullionVault: http://www.bullionvault.com
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