Gold and Silver Suffer Mild Losses Wednesday

Silver Standard Resouces' winning streak comes to an end

   

PreciousMetalsRecap Gold and Silver Suffer Mild Losses WednesdayGold futures traded 0.1% lower Wednesday, with a final bid of $1,690.80 per ounce, according to CME Group data. Gold prices reached a high of $1,693.30 and a low of $1,687.20. Gold bullion finished Wednesday at $1,696 per ounce in London, according to BullionVault.

Silver futures dipped 0.2% Wednesday, with a final bid of $32.29 per ounce. Wednesday’s high for silver reached $32.35, and the low was $32.01.

gold bubble 630 200x200 Gold and Silver Suffer Mild Losses Wednesday
Get Ready for the Second Gold Rush

Investors are once again warily eying Europe as the ECB and Bank of England are scheduled to make their latest policy announcements tomorrow.

Earlier this week, ECB President Mario Draghi reportedly told a committee of European Parliament lawmakers that he favors buying sovereign bonds of up to three years in maturity on the open market.

“We expect the ECB action to be supportive of gold,” according to a commodities note from Standard Bank. “A stronger Euro and weaker Dollar could see gold move above $1700.”

Gold and silver funds suffered mild losses Wednesday.

  • The SPDR Gold Trust (NYSE:GLD) finished 0.1% lower.
  • The iShares Gold Trust (NYSE:IAU) also was 0.1% lower.
  • The iShares Silver Trust (NYSE:SLV) climbed 0.3%.

Gold and silver mining ETFs were mixed Wednesday.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) rose 0.3%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) dropped 0.1%.
  • The Global X Silver Miners ETF (NYSE:SIL) dipped 0.2%.

Gold mining shares were mixed.

  • Agnico-Eagle Mines (NYSE:AEM) fell 0.2%.
  • Barrick Gold (NYSE:ABX) dipped 0.4%.
  • Eldorado Gold (NYSE:EGO) was flat.
  • Goldcorp (NYSE:GG) was 0.4% higher.
  • Kinross Gold (NYSE:KGC) slipped 0.3%
  • Newmont Mining (NYSE:NEM) finished 0.3% higher.
  • NovaGold Resources (AMEX:NG) climbed 1.3%
  • Yamana Gold (NYSE:AUY) ticked up 0.1%.

Silver mining shares also were mixed. Silver Standard Resources (NASDAQ:SSRI), which had experienced healthy gains for several days straight, suffered deep losses Wednesday.

  • Coeur d’Alene Mines (NYSE:CDE) rose 0.6%.
  • Hecla Mining (NYSE:HL) dipped 0.7%.
  • Pan American Silver (NASDAQ:PAAS) fell 1.4%.
  • Silver Wheaton (NYSE:SLW) was 0.1% higher.
  • Silver Standard Resources dropped 2.5%.

As of this writing, Angela Nazworth did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.


Article printed from InvestorPlace Media, http://investorplace.com/2012/09/gold-and-silver-suffer-mild-losses-wednesday/.

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