Gold Hits Three-Month Low on Cliff Progress
by Christopher Freeburn | December 18, 2012 4:57 pm
[1]Reports suggesting that U.S. House Speaker John Boehner and President Barack Obama were moving closer to a fiscal cliff deal sent gold tumbling to a three-month low. Investors grew concerned that a budget deal could mean less economic stimulus from the federal government.
Gold futures for February delivery dropped 1.6% to $1,670.70 on Tuesday, according to CME Group[2]. Gold traded as high as $1,704.40 and as low as $1,662. Gold bullion closed in London at $1,674, according to BullionVault[3].
Silver futures for February delivery fell almost 2% to $31.64 per ounce. Tuesday’s high for silver was $32.54, while the low was $31.41.
Gold and silver funds sank in Tuesday trading.
- The SPDR Gold Trust (NYSE:GLD[4]) dropped 1.4%.
- The iShares Gold Trust (NYSE:IAU[5]) fell 1.5%.
- The iShares Silver Trust (NYSE:SLV[6]) plunged 1.8%.
Gold and silver mining ETFs were down during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) sank 1.6%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) tumbled 2.7%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) retreated 1.4%.
Gold mining shares fell, with NovaGold Resources (NYSE:NG[10]), falling the most.
- Agnico-Eagle Mines (NYSE:AEM[11]) dropped 2.2%.
- Barrick Gold (NYSE:ABX[12]) fell 1.5%.
- Eldorado Gold (NYSE:EGO[13]) sank 3.9%.
- Goldcorp (NYSE:GG[14]) slipped 1.6%.
- Kinross Gold (NYSE:KGC[15]) declined 2.1%.
- Newmont Mining (NYSE:NEM[16]) dipped 0.7%.
- NovaGold Resources plunged 4.4%.
- Yamana Gold (NYSE:AUY[17]) moved down 1.5%.
Silver mining shares slid on Tuesday.
- Coeur d’Alene Mines (NYSE:CDE[18]) sank 1.8%.
- Hecla Mining (NYSE:HL[19]) fell 1.9%.
- Pan American Silver (NASDAQ:PAAS[20]) dropped 3.4%.
- Silver Wheaton (NYSE:SLW[21]) retreated 2.9%
- 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.
Endnotes:
- [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
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- 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
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- 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/2012/12/gold-hits-three-month-low-on-cliff-progress/