Gold Jumps on Cyprus Bank Bailout Plans

Gold and silver rose, while miners mostly gained

   

Gold Jumps on Cyprus Bank Bailout Plans

PreciousMetalsRecap Gold Jumps on Cyprus Bank Bailout PlansGold rose strongly in Monday trading after news of a European plan to confiscate a portion of all private bank accounts in Cyprus raised new fears about the stability of the euro zone and the reach of debt-ridden governments. A

s part of a $13 billion bailout of the Mediterranean island’s banks, the euro zone demanded that up to 10% of depositors’ funds be seized, prompting account holders-to swarm ATMs in a desperate bid to withdraw funds.

gold bars Gold Jumps on Cyprus Bank Bailout Plans
World’s Gold Deposits Linked to Earthquakes

Gold futures for April delivery climbed 0.8% to $1,604.60 per ounce on Monday, according to CME Group. Gold traded as high as $1,610.40 and as low as $1,589.60. Gold bullion closed in London at $1,607, according to BullionVault.

Silver futures for April delivery edged up 0.1% to $28.85 per ounce. Monday’s high for silver was $29.07, while the low was $28.66.

Gold and silver funds moved higher in Monday trading.

  • The SPDR Gold Trust (NYSE:GLD) rose 0.9%.
  • The iShares Gold Trust (NYSE:IAU) advanced 0.8%.
  • The iShares Silver Trust (NYSE:SLV) grew 0.5%.

Gold and silver mining ETFs mostly gained during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) increased 0.3%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) rose 0.6%.
  • The Global X Silver Miners ETF (NYSE:SIL) dipped 0.1%.

Gold mining shares moved up on Monday.

  • Agnico-Eagle Mines (NYSE:AEM) rose 0.4%.
  • Barrick Gold (NYSE:ABX) added 0.8%
  • Eldorado Gold (NYSE:EGO) increased 1.6%.
  • Goldcorp (NYSE:GG) inched up 0.2%.
  • Kinross Gold (NYSE:KGC) grew 0.9%.
  • Newmont Mining (NYSE:NEM) also climbed 0.9%.
  • NovaGold Resources (AMEX:NG) gained 0.3%.
  • Yamana Gold (NYSE:AUY) advanced 1.2%.

Silver mining shares also were mostly higher.

  • Coeur d’Alene Mines (NYSE:CDE) fell 0.6%.
  • Hecla Mining (NYSE:HL) dipped 0.2%.
  • Pan American Silver (NASDAQ:PAAS) rose 0.2%.
  • Silver Wheaton (NYSE:SLW) was flat.
  • Silver Standard Resources (NASDAQ:SSRI) climbed 0.7%.

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, http://investorplace.com/2013/03/gold-jumps-on-cyprus-bank-bailout-plans/.

©2014 InvestorPlace Media, LLC

Comments are currently unavailable. Please check back soon.