Gold Posts Fifth Consecutive Monthly Decline
by Christopher Freeburn | February 28, 2013 4:56 pm
[1]Lower-than-expected first time unemployment claims coupled with slight fourth-quarter U.S. GDP growth sent gold tumbling in Thursday trading. Better economic signals weakened the metal’s safe-haven appeal as equities flirted with new records. The metal fell 5% during the month, marking its fifth straight monthly decline.
Gold futures for March delivery jumped 1.1% to $1,577.70 per ounce on Thursday, according to CME Group[2]. Gold traded as high as $1,601.60 and as low as $1,575.1. Gold bullion closed in London at $1,583, according to BullionVault[3].
Silver futures for March delivery also more than 1.9% to $28.40 per ounce. Thursday’s high for silver was $29.14, while the low was $28.39.
Gold and silver funds dipped in Thursday trading.
- The SPDR Gold Trust (NYSE:GLD[4]) slid 1%.
- The iShares Gold Trust (NYSE:IAU[5]) also fell 1%.
- The iShares Silver Trust (NYSE:SLV[6]) dropped 1.7%.
Gold and silver mining ETFs also retreated during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) dropped 2.3%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) sank 3%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) declined 1.9%.
Gold mining shares retreated on Thursday.
- Agnico-Eagle Mines (NYSE:AEM[10]) fell 3.1%.
- Barrick Gold (NYSE:ABX[11]) dropped 2.2%.
- Eldorado Gold (NYSE:EGO[12]) tumbled 2.3%.
- Goldcorp (NYSE:GG[13]) declined 2.1%.
- Kinross Gold (NYSE:KGC[14]) slumped 3.4%.
- Newmont Mining (NYSE:NEM[15]) slipped 0.8%.
- NovaGold Resources (AMEX:NG[16]) sank 2%.
- Yamana Gold (NYSE:AUY[17]) moved down 2.3%.
Silver mining shares also declined.
- Coeur d’Alene Mines (NYSE:CDE[18]) dropped 1.9%.
- Hecla Mining (NYSE:HL[19]) fell 3.7%.
- Pan American Silver (NASDAQ:PAAS[20]) dipped 2.1%.
- Silver Wheaton (NYSE:SLW[21]) declined 2%.
- Silver Standard Resources (NASDAQ:SSRI[22]) plunged 4%.
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: 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-posts-fifth-consecutive-monthly-decline/