Rising U.S. Fiscal Cliff Fears Send Gold Lower
by Christopher Freeburn | November 27, 2012 4:39 pm
[1]Gold 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[2]. 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[3].
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[4]) slid 0.4%.
- The iShares Gold Trust (NYSE:IAU[5]) also dipped 0.4%.
- The iShares Silver Trust (NYSE:SLV[6]) declined 0.3%.
Gold and silver mining ETFs also fell during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) dropped 2.7%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) dropped 2%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) moved down 1.2%.
Gold mining shares declined on Tuesday, with Goldcorp (NYSE:GG[10]) falling the hardest.
- Agnico-Eagle Mines (NYSE:AEM[11]) sank 3.5%.
- Barrick Gold (NYSE:ABX[12]) dropped 2%.
- Eldorado Gold (NYSE:EGO[13]) slid 3%.
- Goldcorp tumbled 4.6%.
- Kinross Gold (NYSE:KGC[14]) dipped 1.4%.
- Newmont Mining (NYSE:NEM[15]) edged lower 0.8%.
- NovaGold Resources (NYSE:NG[16]) fell 1.7%.
- Yamana Gold (NYSE:AUY[17]) slipped 1.3%.
Silver mining shares moved lower on Tuesday.
- Coeur d’Alene Mines (NYSE:CDE[18]) fell 3.6%.
- Hecla Mining (NYSE:HL[19]) sank 1.2%.
- Pan American Silver (NASDAQ:PAAS[20]) declined 1.6%.
- Silver Wheaton (NYSE:SLW[21]) dropped 1.1%.
- Silver Standard Resources (NASDAQ:SSRI[22]) tumbled 3%.
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
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- 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
- 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
- BullionVault: http://www.bullionvault.com/
Source URL: https://investorplace.com/2012/11/rising-u-s-fiscal-cliff-fears-send-gold-lower/