Gold and Silver Pull Back From Surge

by Christopher Freeburn | September 10, 2012 5:32 pm

[1]Gold and silver retreated on Monday after surging last week as a strengthening dollar and upcoming European central bank moves gave investors pause. Still gold remained near a six-month high.

Gold futures for December delivery fell $1,728.40 on Monday, according CME Group[2]. Gold traded as high as $1,742.30 and as low as $1,727.00. Gold Bullion closed in London at $1,728.

Silver futures dipped to $33.39 an ounce. Monday’s high for silver hit $34.02, while the low was $33.285.

Gold and silver funds felt the pullback on Monday.

• The SPDR Gold Trust (NYSE:GLD[3]) finished 0.68% lower.
• The iShares Gold Trust (NYSE:IAU[4]) also was 0.65% lower.
• The iShares Silver Trust (NYSE:SLV[5]) fell 1.7%.

Gold and silver mining ETFs also dipped on Monday.

• The Market Vectors Gold Miners ETF (NYSE:GDX[6]) fell 1.94%%.
• The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[7]) dropped 2.09%.
• The Global X Silver Miners ETF (NYSE:SIL[8]) dipped 1.26%.

Gold mining shares showed mostly losses for the day, though NovaGold Resources (AMEX:

NG[9]) managed to inch up 0.59%.

• Agnico-Eagle Mines (NYSE:AEM[10]) fell 2.89%.
• Barrick Gold (NYSE:ABX[11]) slipped 1.94%.
• Eldorado Gold (NYSE:EGO[12]) declined 3.54%.
• Goldcorp (NYSE:GG[13]) dipped 1.95%.
• Kinross Gold (NYSE:KGC[14]) fell 2.28%.
• Newmont Mining (NYSE:NEM[15]) finished 0.64% lower.
• NovaGold Resources rose 0.59%.
• Yamana Gold (NYSE:AUY[16]) closed down 1.96%

Silver mining shares also experienced the decline.

• Coeur d’Alene Mines (NYSE:CDE[17]) fell 0.8%
• Hecla Mining (NYSE:HL[18]) dropped 2.41%.
• Pan American Silver (NASDAQ:PAAS[19]) dropped 1.58%.
• Silver Wheaton (NYSE:SLW[20]) was slipped 1.21%.
• Silver Standard Resources (NASDAQ:SSRI[21]) declined 2.44%.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities.

Source URL: https://investorplace.com/2012/09/gold-and-silver-pull-back-from-surge/

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