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Gold Drops to 5-Week Low on G-7 Rumblings

Gold and silver funds, mining stocks fall across the board


Gold Silver GLD IAU SLVGold fell to a five-week low in Monday trading after news reports indicated that the G-7 was preparing to issue a statement announcing a commitment to curtail currency devaluations. The statement was expected to be released before this week’s G-20 meeting in Moscow.

Gold futures for March delivery sank more than 1% to $1,648.40 on Monday, according to CME Group. Gold traded as high as $1,669.10 and as low as $1,643.70. Gold bullion closed in London at $1,652, according to BullionVault.

Trade of the Day: Barrick Gold Corp. (ABX)
Trade of the Day: Barrick Gold Corp. (ABX)

Silver futures for March delivery slid about 1.7% to $30.91 per ounce. Monday’s high for silver was $31.54 an ounce, while the low was $30.82.

Gold and silver funds dropped in Monday trading.

  • The SPDR Gold Trust (NYSE:GLD) fell 1.2%.
  • The iShares Gold Trust (NYSE:IAU) declined 1.1%.
  • The iShares Silver Trust (NYSE:SLV) slid 1.5%.

Gold and silver mining ETFs also retreated during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) sank 2%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) tumbled 2.6%.
  • The Global X Silver Miners ETF (NYSE:SIL) moved lower 1.4%.

Gold mining shares moved lower on Monday.

  • Agnico-Eagle Mines (NYSE:AEM) dropped 2.8%.
  • Barrick Gold (NYSE:ABX) slipped 1.3%.
  • Eldorado Gold (NYSE:EGO) dropped 2.6%.
  • Goldcorp (NYSE:GG) declined 2.2%.
  • Kinross Gold (NYSE:KGC) fell 2.1%.
  • Newmont Mining (NYSE:NEM) dipped 1%.
  • NovaGold Resources (AMEX:NG) retreated 2.7%.
  • Yamana Gold (NYSE:AUY) plunged 4.8%.

Silver mining shares also pulled back.

  • Coeur d’Alene Mines (NYSE:CDE) slipped 0.5%.
  • Hecla Mining (NYSE:HL) declined 1.3%.
  • Pan American Silver (NASDAQ:PAAS) fell 1.7%.
  • Silver Wheaton (NYSE:SLW) sank 2.2%.
  • Silver Standard Resources (NASDAQ:SSRI) dropped 1.2%.

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,

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