Gold and Silver Suffer Mild Losses Wednesday

by Angela Nazworth | September 5, 2012 5:01 pm

Gold and Silver Suffer Mild Losses Wednesday

PreciousMetalsRecap Gold and Silver Suffer Mild Losses Wednesday[1]Gold futures traded 0.1% lower Wednesday, with a final bid of $1,690.80 per ounce, according to CME Group data[2]. 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[3].

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.

Investors are once again warily eying Europe as the ECB and Bank of England are scheduled to make their latest policy announcements[4] 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.

Gold and silver mining ETFs were mixed Wednesday.

Gold mining shares were mixed.

Silver mining shares also were mixed. Silver Standard Resources (NASDAQ:SSRI[19]), which had experienced healthy gains for several days straight, suffered deep losses Wednesday.

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.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
  2. CME Group data: http://www.cmegroup.com/trading/metals/precious/gold_quotes_settlements_futures.html
  3. according to BullionVault: http://www.bullionvault.com/
  4. scheduled to make their latest policy announcements: http://goldnews.bullionvault.com/
  5. GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
  6. IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
  7. SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
  8. GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
  9. GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
  10. SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
  11. AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
  12. ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
  13. EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
  14. GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
  15. KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
  16. NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
  17. NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
  18. AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
  19. SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
  20. CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
  21. HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
  22. PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
  23. SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
  24. BullionVault: http://www.bullionvault.com

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