Gold Stationary as Fiscal Cliff Looms

Silver futures dip modestly as mining stocks retreat

   

PreciousMetalsRecap Gold Stationary as Fiscal Cliff LoomsUnease over the U.S. fiscal cliff and European debt problems offset rising demand in India and increasing prospects for new Japanese economic stimulus, leaving gold unchanged in Monday trading.

Gold futures for December delivery closed flat at $1,730.90 on Monday, according to CME Group. Gold traded as high as $1,738 and as low as $1,725.20. Gold bullion closed in London at $1,731, according to BullionVault.

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Silver futures for December delivery fell slightly to $32.52 per ounce. Monday’s high for silver was $32.75, while the low was $32.18.

Gold and silver funds fell in Monday trading.

  • The SPDR Gold Trust (NYSE:GLD) slipped 0.2%.
  • The iShares Gold Trust (NYSE:IAU) dipped 0.1%.
  • The iShares Silver Trust (NYSE:SLV) declined 0.5%.

Gold and silver mining ETFs pulled back during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) slid 1.2%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) dropped 0.7%.
  • The Global X Silver Miners ETF (NYSE:SIL) fell 0.7%.

Gold mining shares were mostly lower on Monday, with Eldorado Gold (NYSE:EGO) falling the most.

  • Agnico-Eagle Mines (NYSE:AEM) rose 0.3%.
  • Barrick Gold (NYSE:ABX) slid 0.5%.
  • Eldorado Gold dropped 2.2%.
  • Goldcorp (NYSE:GG) moved down 1.7%.
  • Kinross Gold (NYSE:KGC) declined 1%.
  • Newmont Mining (NYSE:NEM) dipped 0.8%.
  • NovaGold Resources (NYSE:NG) fell 1.9%.
  • Yamana Gold (NYSE:AUY) declined 2%.

Silver mining shares pulled back on Monday.

  • Coeur d’Alene Mines (NYSE:CDE) moved down 3.4%.
  • Hecla Mining (NYSE:HL) dropped 2.7%.
  • Pan American Silver (NASDAQ:PAAS) fell 2.6%.
  • Silver Wheaton (NYSE:SLW) retreated 2.2%.
  • Silver Standard Resources (NASDAQ:SSRI) slid 2.6%.

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/2012/11/gold-stationary-as-fiscal-cliff-looms/.

©2014 InvestorPlace Media, LLC

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