Gold, Silver Dip as Commodities Tumble

But metals' plight is just slight compared to oil's late-day plunge

   

Gold, Silver Dip as Commodities Tumble

PreciousMetalsRecap Gold, Silver Dip as Commodities TumbleGold dipped slightly on Monday as investor unease over the Federal Reserve’s new round of quantitative easing sent commodities, especially oil, falling sharply.

Gold futures for December delivery closed lower at $1,770.60 on Monday, according to CME Group. Gold traded as high as $1,778.90 and as low as $1,756.20. Gold bullion closed in London at $1,764, according to BullionVault.

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Silver futures closed down at $34.37 per ounce. Monday’s high for silver was $34.94, while the low was $33.825.

Gold and silver funds edged lower in Monday trading.

  • The SPDR Gold Trust (NYSE:GLD) slipped 0.8%.
  • The iShares Gold Trust (NYSE:IAU) also fell 0.8%.
  • The iShares Silver Trust (NYSE:SLV) dropped 1.8%.

Gold and silver mining ETFs also finished broadly lower.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) edged up 0.1%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) slid 1.3%.
  • The Global X Silver Miners ETF (NYSE:SIL) dipped 0.7%.

Gold mining shares were mixed for the day, with NovaGold Resources (AMEX:NG) falling the hardest.

  • Agnico-Eagle Mines (NYSE:AEM) gained 0.1%
  • Barrick Gold (NYSE:ABX) slipped 0.5%.
  • Eldorado Gold (NYSE:EGO) climbed 1%.
  • Goldcorp (NYSE:GG) moved up 1.7%.
  • Kinross Gold (NYSE:KGC) moved down 0.1%.
  • Newmont Mining (NYSE:NEM) fell 0.4%.
  • NovaGold Resources dropped 2.9%.
  • Yamana Gold (NYSE:AUY) closed up 0.5%

Silver mining shares mostly rose in Monday trading.

  • Coeur d’Alene Mines (NYSE:CDE) gained 0.3%.
  • Hecla Mining (NYSE:HL) edged up 0.2%.
  • Pan American Silver (NASDAQ:PAAS) rose 2.2%.
  • Silver Wheaton (NYSE:SLW) fell 1%.
  • Silver Standard Resources (NASDAQ:SSRI) increased 0.8%.

As of this writing, Christopher Freeburn 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-silver-dip-as-commodities-tumble/.

©2014 InvestorPlace Media, LLC

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