Gold Rises on Warning of U.S. Credit Downgrade
by Christopher Freeburn | September 11, 2012 5:24 pm
[1]Gold resumed its march toward a six-month high as the dollar slipped and investors sought security in the face of warnings of a U.S. credit downgrade from Moody’s.
Gold futures for December delivery rose to $1,734.10 on Tuesday, according to CME Group[2]. Gold traded as high as $1,740.50 and as low as $1,728.70. Gold bullion closed in London at $1,735, according to BullionVault[3].
Silver futures slipped slightly to $33.515 an ounce. Monday’s high for silver hit $33.875, while the low was $33.38.
Gold and silver funds edged up modestly on Tuesday.
- The SPDR Gold Trust (NYSE:GLD[4]) finished up 0.36%.
- The iShares Gold Trust (NYSE:IAU[5]) also was up 0.36%.
- The iShares Silver Trust (NYSE:SLV[6]) rose 0.37%.
Gold and silver mining ETFs also moved upward.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) increased 0.67%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) gained 1.26%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) rose 0.53%.
Gold mining shares showed mostly small gains for the day, with Eldorado Gold (NYSE:EGO[10]) leading the way.
- Agnico-Eagle Mines (NYSE:AEM[11]) inched up 0.40%.
- Barrick Gold (NYSE:ABX[12]) gained 0.20%.
- Eldorado Gold increased 2.75%.
- Goldcorp (NYSE:GG[13]) rose 0.31%.
- Kinross Gold (NYSE:KGC[14]) edged up 0.21%.
- Newmont Mining (NYSE:NEM[15]) finished up 1.25%.
- NovaGold Resources (AMEX:NG[16]) was unchanged.
- Yamana Gold (NYSE:AUY[17]) closed down 2.12%
Silver mining shares also experienced the uptick.
- Coeur d’Alene Mines (NYSE:CDE[18]) was flat.
- Hecla Mining (NYSE:HL[19]) rose 0.88%.
- Pan American Silver (NASDAQ:PAAS[20]) edged up 0.16%.
- Silver Wheaton (NYSE:SLW[21]) gained 0.36%.
- Silver Standard Resources (NASDAQ:SSRI[22]) increased 1.55%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[23] contributed to this report.
Endnotes:
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- CME Group: http://www.cmegroup.com/
- BullionVault: http://www.bullionvault.com/
- 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
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- 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
- SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
- SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
- BullionVault: http://www.bullionvault.com
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