Global Slowdown Worries Keep Gold Flat

Silver mining shares rose while gold miners were mixed

   

PreciousMetalsRecap Global Slowdown Worries Keep Gold FlatGold remained mostly unchanged on Wednesday as fears of a global economic slowdown were reinforced by lowered outlooks from Alcoa (NYSE:AA) and Chevron (NYSE:CVX).

Gold futures for December delivery rose slightly to $1,765.10 on Wednesday, according to CME Group. Gold traded as high as $1,770 and as low as $1,758.50. Gold bullion closed in London at $1,766, according to BullionVault.

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3 Metals and Mining Stocks to Sell Now

Silver futures for December delivery also slipped, closing down at $33.11 per ounce. Wednesday’s high for silver was $34.19, while the low was $33.75.

Gold and silver funds were mixed in Wednesday trading.

  • The SPDR Gold Trust (NYSE:GLD) edged down 0.1%.
  • The iShares Gold Trust (NYSE:IAU) also slipped 0.1%.
  • The iShares Silver Trust (NYSE:SLV) moved up 0.4%.

Gold and silver mining ETFs were also mixed for the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) rose 0.8%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) increased 0.9%.
  • The Global X Silver Miners ETF (NYSE:SIL) dipped 0.5%.

Gold mining shares mostly edged higher on Wednesday, with Yamana Gold (NYSE:AUY) posting the largest gain.

  • Agnico-Eagle Mines (NYSE:AEM) slipped 0.4%
  • Barrick Gold (NYSE:ABX) declined 0.8%.
  • Eldorado Gold (NYSE:EGO) fell 0.9%.
  • Goldcorp (NYSE:GG) tumbled improved 0.2%.
  • Kinross Gold (NYSE:KGC) gained 0.3%.
  • Newmont Mining (NYSE:NEM) rose 0.6%.
  • NovaGold Resources (AMEX:NG) climbed 1.2%.
  • Yamana Gold moved up 1.7%.

Silver mining shares closed higher in Wednesday trading.

  • Coeur d’Alene Mines (NYSE:CDE) rose 1.1%.
  • Hecla Mining (NYSE:HL) edged up 0.2%.
  • Pan American Silver (NASDAQ:PAAS) gained 0.1%.
  • Silver Wheaton (NYSE:SLW) increased 0.9%.
  • Silver Standard Resources (NASDAQ:SSRI) climbed 1.1%.

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/2012/10/global-slowdown-worries-keep-gold-flat/.

©2014 InvestorPlace Media, LLC

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