Gold Tumbles on Talk of End to Fed Stimulus

by Christopher Freeburn | January 3, 2013 4:55 pm

PreciousMetalsRecap Gold Tumbles on Talk of End to Fed Stimulus[1]Gold sank in Thursday trading after minutes from the Federal Reserve’s mid-December Federal Open Markets Committee meeting revealed rising concerns among Fed officials about the cost of continued stimulus efforts. Some Fed officials had suggested easing the purchase of mortgage back securities by the end of the year.

Gold futures for February delivery fell 0.8% to $1,674.60 on Thursday, according to CME Group[2]. Gold traded as high as $1,690.50 and as low as $1,661.20. Gold bullion closed in London at $1,668, according to BullionVault[3].

Silver futures for February delivery dropped 0.9% % to $30.69 per ounce. Thursday’s high for silver was $31.10, while the low was $30.03.

Gold and silver funds sank in Thursday trading.

Gold and silver mining ETFs also fell during the day.

Gold mining shares moved lower, with Goldcorp (NYSE:GG[10]) falling the hardest.

Silver mining shares also slipped on Thursday.

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:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
  2. CME Group: http://www.cmegroup.com
  3. BullionVault: http://www.bullionvault.com
  4. GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
  5. IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
  6. SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
  7. GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
  8. GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
  9. SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
  10. GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
  11. AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
  12. ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
  13. EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
  14. KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
  15. NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
  16. NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
  17. AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
  18. CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
  19. HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
  20. PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
  21. SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
  22. SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
  23. BullionVault: http://www.bullionvault.com/

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