Gold Slips on Boehner Budget Remarks
by Christopher Freeburn | December 11, 2012 5:23 pm
[1]Gold snapped a three-day streak of gains on Tuesday, falling modestly after U.S. House of Representatives Speaker John Boehner expressed hope that the U.S. fiscal cliff could be averted with a budget deal.
Gold futures for December delivery dipped $1709.20 on Tuesday, according to CME Group[2]. Gold traded as high as $1,714.10 and as low as $1,705.90. Gold bullion closed in London at $1,713, according to BullionVault[3].
Silver futures for December delivery fell to $32.89 per ounce. Tuesday’s high for silver was $33.19, while the low was $32.78.
Gold and silver funds declined in Tuesday trading.
- The SPDR Gold Trust (NYSE:GLD[4]) dipped 0.1%.
- The iShares Gold Trust (NYSE:IAU[5]) also slipped 0.1%.
- The iShares Silver Trust (NYSE:SLV[6]) dropped 0.7%.
Gold and silver mining ETFs rose during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) fell 0.5%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) edged up 0.1%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) gained 0.4%.
Gold mining shares were mixed, with NovaGold Resources (NYSE:NG[10]) falling the most.
- Agnico-Eagle Mines (NYSE:AEM[11]) slid 1.1%.
- Barrick Gold (NYSE:ABX[12]) moved down 0.5%.
- Eldorado Gold (NYSE:EGO[13]) sank 0.8%.
- Goldcorp (NYSE:GG[14]) dropped 1.1%.
- Kinross Gold (NYSE:KGC[15]) increased 0.8%.
- Newmont Mining (NYSE:NEM[16]) gained 0.3%.
- NovaGold Resources sank 1.9%.
- Yamana Gold (NYSE:AUY[17]) dipped 1.1%.
Silver mining shares moved higher on Tuesday.
- Coeur d’Alene Mines (NYSE:CDE[18]) rose 2.1%.
- Hecla Mining (NYSE:HL[19]) climbed 0.5%.
- Pan American Silver (NASDAQ:PAAS[20]) edged up 0.2%.
- Silver Wheaton (NYSE:SLW[21]) gained 0.5%.
- Silver Standard Resources (NASDAQ:SSRI[22]) increased 1.5%.
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-slips-on-boehner-budget-remarks/