Gold Drops to 5-Week Low on G-7 Rumblings
by Christopher Freeburn | February 11, 2013 4:56 pm
[1]Gold 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[2]. 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[3].
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[4]) fell 1.2%.
- The iShares Gold Trust (NYSE:IAU[5]) declined 1.1%.
- The iShares Silver Trust (NYSE:SLV[6]) slid 1.5%.
Gold and silver mining ETFs also retreated during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) sank 2%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) tumbled 2.6%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) moved lower 1.4%.
Gold mining shares moved lower on Monday.
- Agnico-Eagle Mines (NYSE:AEM[10]) dropped 2.8%.
- Barrick Gold (NYSE:ABX[11]) slipped 1.3%.
- Eldorado Gold (NYSE:EGO[12]) dropped 2.6%.
- Goldcorp (NYSE:GG[13]) declined 2.2%.
- Kinross Gold (NYSE:KGC[14]) fell 2.1%.
- Newmont Mining (NYSE:NEM[15]) dipped 1%.
- NovaGold Resources (AMEX:NG[16]) retreated 2.7%.
- Yamana Gold (NYSE:AUY[17]) plunged 4.8%.
Silver mining shares also pulled back.
- Coeur d’Alene Mines (NYSE:CDE[18]) slipped 0.5%.
- Hecla Mining (NYSE:HL[19]) declined 1.3%.
- Pan American Silver (NASDAQ:PAAS[20]) fell 1.7%.
- Silver Wheaton (NYSE:SLW[21]) sank 2.2%.
- Silver Standard Resources (NASDAQ:SSRI[22]) dropped 1.2%.
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.
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- CME Group: https://investorplace.com/2013/01/weak-jobs-report-lessens-gold-slide/www.cmegroup.com
- BullionVault: https://investorplace.com/2013/01/weak-jobs-report-lessens-gold-slide/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
- 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
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- 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/2013/02/gold-drops-to-5-week-low-on-g-7-rumblings/