China Stimulus Concerns Send Gold Lower
by Christopher Freeburn | October 15, 2012 5:27 pm
[1]Better-than-expected data on inflation and growth[2] in China cooled investor hopes for more stimulus measures by the Chinese government, and sent gold tumbling in Monday trading.
Gold futures for December delivery fell to $1,737.60 on Monday, according to CME Group[3]. Gold traded as high as $1,755.50 and as low as $1,729.70. Gold bullion closed in London at $1,740.00, according to BullionVault[4].
Silver futures for December delivery also closed down at $32.74 per ounce. Monday’s high for silver was $3.47, while the low was $32.57.
Gold and silver funds fell in Monday trading.
- The SPDR Gold Trust (NYSE:GLD[5]) dropped 1.1%.
- The iShares Gold Trust (NYSE:IAU[6]) slid 1%.
- The iShares Silver Trust (NYSE:SLV[7]) tumbled 2.4%.
Gold and silver mining ETFs moved down during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[8]) was flat.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[9]) dipped 1.5%.
- The Global X Silver Miners ETF (NYSE:SIL[10]) edged lower 0.3%.
Gold mining shares were mixed on Monday, with Eldorado Gold (NYSE:EGO[11]) rising highest.
- Agnico-Eagle Mines (NYSE:AEM[12]) moved down 0.6%
- Barrick Gold (NYSE:ABX[13]) declined 0.5%.
- Eldorado Gold rose 1.4%.
- Goldcorp (NYSE:GG[14]) slipped 0.1%.
- Kinross Gold (NYSE:KGC[15]) increased 0.3%.
- Newmont Mining (NYSE:NEM[16]) fell 0.6%.
- NovaGold Resources (NYSE:NG[17]) also slipped 0.6%.
- Yamana Gold (NYSE:AUY[18]) climbed 1.3%.
Silver mining shares mostly rose in Monday trading.
- Coeur d’Alene Mines (NYSE:CDE[19]) edged higher 0.1%.
- Hecla Mining (NYSE:HL[20]) dipped 0.2%.
- Pan American Silver (NASDAQ:PAAS[21]) was unchanged.
- Silver Wheaton (NYSE:SLW[22]) rose 0.3%.
- Silver Standard Resources (NASDAQ:SSRI[23]) increased 0.8%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[4] contributed to this report.
Endnotes:
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- data on inflation and growth: https://investorplace.com/2012/10/market-movers-u-s-retail-sales-jump-good-news-in-china/
- 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
Source URL: https://investorplace.com/2012/10/china-stimulus-concerns-send-gold-lower/