Gold Sinks for Third Session on Better Economic News

Gold and silver sank, and miners followed

   

Gold Sinks for Third Session on Better Economic News

PreciousMetalsRecap Gold Sinks for Third Session on Better Economic NewsGold tumbled for a third straight session on news of solid U.S. home sales for last year and signs that Europe’s banking system has stablized. The metal posted its largest weekly loss in five weeks.

Gold futures for February delivery declined 0.8% to $1,656.60 on Friday, according to CME Group. Gold traded as high as $1671.60 and as low as $1655. Gold bullion closed in London at $1,661, according to BullionVault.

gold bars Gold Sinks for Third Session on Better Economic News
The Case for Gold Bugs

Silver futures for February delivery fell 1.6% to $31.18 per ounce. Friday’s high for silver was $31.72 an ounce, while the low was $31.17.

Gold and silver funds fell in Friday trading.

  • The SPDR Gold Trust (NYSE:GLD) dipped 0.5%.
  • The iShares Gold Trust (NYSE:IAU) slid 0.6%.
  • The iShares Silver Trust (NYSE:SLV) fell 1.5%.

Gold and silver mining ETFs retreated during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) sank 3%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) dropped 3.1%.
  • The Global X Silver Miners ETF (NYSE:SIL) declined 1.7%.

Gold mining shares declined, with Eldorado Gold (NYSE:EGO) falling the most.

  • Agnico-Eagle Mines (NYSE:AEM) moved down 3.5%.
  • Barrick Gold (NYSE:ABX) fell 1.4%.
  • Eldorado Gold plunged 5.9%.
  • Goldcorp (NYSE:GG) sank 2.1%.
  • Kinross Gold (NYSE:KGC) dropped 5.1%.
  • Newmont Mining (NYSE:NEM) declined 1.5%.
  • NovaGold Resources (AMEX:NG) tumbled 4%.
  • Yamana Gold (NYSE:AUY) moved down 3%.

Silver mining shares pulled bank on Friday.

  • Coeur d’Alene Mines (NYSE:CDE) slid 2.7%.
  • Hecla Mining (NYSE:HL) fell 2.6%.
  • Pan American Silver (NASDAQ:PAAS) dipped 1.1%.
  • Silver Wheaton (NYSE:SLW) retreated 2.5%.
  • Silver Standard Resources (NASDAQ:SSRI) also slumped 2.5%.

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/2013/01/gold-sinks-for-third-session-on-better-economic-news/.

©2014 InvestorPlace Media, LLC

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