Gold Falls on Greece’s Debt Woes
by Christopher Freeburn | November 13, 2012 5:32 pm
[1]Squabbling by European leaders over measures to cut Greece’s debt undermined investor confidence in the eurozone, sending gold down in Tuesday trading.
Gold futures for December delivery dropped to $1,724.80 on Tuesday, according to CME Group[2]. Gold traded as high as $1,733.30 and as low as $1,717.60. Gold bullion closed in London at $1,728, according to BullionVault[3].
Silver futures for December delivery fell slightly to $32.49 per ounce. Tuesday’s high for silver was $32.83, while the low was $32.10.
Gold and silver funds were mixed in Tuesday trading.
- The SPDR Gold Trust (NYSE:GLD[4]) edged down 0.2%.
- The iShares Gold Trust (NYSE:IAU[5]) also slid 0.2%.
- The iShares Silver Trust (NYSE:SLV[6]) inched up 0.1%.
Gold and silver mining ETFs pulled back during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) fell 1.1%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) declined 2.3%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) retreated 1.4%.
Gold mining shares were mostly lower on Tuesday, with Kinross Gold (NYSE:KGC[10]) falling the most.
- Agnico-Eagle Mines (NYSE:AEM[11]) dipped 1.1%.
- Barrick Gold (NYSE:ABX[12]) slipped 1.6%.
- Eldorado Gold (NYSE:EGO[13]) rose 1.2%.
- Goldcorp (NYSE:GG[14]) fell 1.5%.
- Kinross Gold declined 2.3%.
- Newmont Mining (NYSE:NEM[15]) moved down 1.1%.
- NovaGold Resources (NYSE:NG[16]) dropped 1.3%.
- Yamana Gold (NYSE:AUY[17]) dipped 0.6%.
Silver mining shares mostly retreated on Tuesday.
- Coeur d’Alene Mines (NYSE:CDE[18]) inched up 0.1%.
- Hecla Mining (NYSE:HL[19]) fell 1.2%.
- Pan American Silver (NASDAQ:PAAS[20]) also dipped 1.2%.
- Silver Wheaton (NYSE:SLW[21]) slid 0.9%.
- Silver Standard Resources (NASDAQ:SSRI[22]) declined 1%.
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.
- [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
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- 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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