Rising U.S. Fiscal Cliff Fears Send Gold Lower

Gold and silver futures fell and mining stocks followed

   

Rising U.S. Fiscal Cliff Fears Send Gold Lower

PreciousMetalsRecap Rising U.S. Fiscal Cliff Fears Send Gold LowerGold declined on Tuesday as investors worried that Washington might not reach a deal to avoid the fiscal cliff of mandatory tax hikes and spending cuts, even as European negotiators reported progress in Greek debt talks.

Gold futures for December delivery dropped to $1,742.30 on Tuesday, according to CME Group. Gold traded as high as $1,751.90 and as low as $1,741.20. Gold bullion closed in London at $1,742, according to BullionVault.

gold coins scoop 630 flickr 200x200 Rising U.S. Fiscal Cliff Fears Send Gold Lower
The Planets Are Lining Up Nicely for Gold

Silver futures for December delivery slipped to $33.98 per ounce. Tuesday’s high for silver was $34.28, while the low was $33.91.

Gold and silver funds moved lower in Tuesday trading.

  • The SPDR Gold Trust (NYSE:GLD) slid 0.4%.
  • The iShares Gold Trust (NYSE:IAU) also dipped 0.4%.
  • The iShares Silver Trust (NYSE:SLV) declined 0.3%.

Gold and silver mining ETFs also fell during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) dropped 2.7%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) dropped 2%.
  • The Global X Silver Miners ETF (NYSE:SIL) moved down 1.2%.

Gold mining shares declined on Tuesday, with Goldcorp (NYSE:GG) falling the hardest.

  • Agnico-Eagle Mines (NYSE:AEM) sank 3.5%.
  • Barrick Gold (NYSE:ABX) dropped 2%.
  • Eldorado Gold (NYSE:EGO) slid 3%.
  • Goldcorp tumbled 4.6%.
  • Kinross Gold (NYSE:KGC) dipped 1.4%.
  • Newmont Mining (NYSE:NEM) edged lower 0.8%.
  • NovaGold Resources (NYSE:NG) fell 1.7%.
  • Yamana Gold (NYSE:AUY) slipped 1.3%.

Silver mining shares moved lower on Tuesday.

  • Coeur d’Alene Mines (NYSE:CDE) fell 3.6%.
  • Hecla Mining (NYSE:HL) sank 1.2%.
  • Pan American Silver (NASDAQ:PAAS) declined 1.6%.
  • Silver Wheaton (NYSE:SLW) dropped 1.1%.
  • Silver Standard Resources (NASDAQ:SSRI) tumbled 3%.

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/rising-u-s-fiscal-cliff-fears-send-gold-lower/.

©2014 InvestorPlace Media, LLC

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