EU Cyprus Ultimatum Sends Gold Higher
by Christopher Freeburn | March 21, 2013 4:23 pm
[1]Gold gained in Thursday trading after the European Union warned Cyprus that if it didn’t raise billions of euros needed for a bailout, aid to its banks could be cut and the country might be expelled from the eurozone. Earlier this week, the country’s legislature rejected a plan that would have seized a portion of private bank deposits to fund the bailout.
Gold futures for April delivery climbed 0.4% to $1,613.80 ounce on Thursday, according to CME Group[2]. Gold traded as high as $1,616.50 and as low as $1,603.60. Gold bullion closed in London at $1,615, according to BullionVault[3].
Silver futures for April delivery rose 1.4% to $29.19 per ounce. Thursday’s high for silver was $29.26, while the low was $28.79.
Gold and silver funds improved in Thursday trading.
- The SPDR Gold Trust (NYSE:GLD[4]) rose 0.6%.
- The iShares Gold Trust (NYSE:IAU[5]) increased 0.5%.
- The iShares Silver Trust (NYSE:SLV[6]) advanced 1.3%.
Gold and silver mining ETFs also moved up during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) surged 2.6%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) improved 1.7%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) gained 1.5%.
Gold mining shares posted gains on Thursday.
- Agnico-Eagle Mines (NYSE:AEM[10]) climbed 1.5%.
- Barrick Gold (NYSE:ABX[11]) rose 2.8%.
- Eldorado Gold (NYSE:EGO[12]) added 2.2%.
- Goldcorp (NYSE:GG[13]) also gained 2.2%.
- Kinross Gold (NYSE:KGC[14]) rose 2.5%.
- Newmont Mining (NYSE:NEM[15]) increased 2.7%.
- NovaGold Resources (AMEX:NG[16]) surged 3.9%.
- Yamana Gold (NYSE:AUY[17]) improved 2.9%.
Silver mining shares also moved higher.
- Coeur d’Alene Mines (NYSE:CDE[18]) gained 1.2%.
- Hecla Mining (NYSE:HL[19]) rose 2.7%.
- Pan American Silver (NASDAQ:PAAS[20]) soared 4.3%.
- Silver Wheaton (NYSE:SLW[21]) advanced 2.6%.
- Silver Standard Resources (NASDAQ:SSRI[22]) surged 4.7%.
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/2013/03/eu-cyprus-ultimatum-sends-gold-higher/