Gold Jumps on Cyprus Bank Bailout Plans
by Christopher Freeburn | March 18, 2013 4:26 pm
[1]Gold 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 futures for April delivery climbed 0.8% to $1,604.60 per ounce on Monday, according to CME Group[2]. 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[3].
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[4]) rose 0.9%.
- The iShares Gold Trust (NYSE:IAU[5]) advanced 0.8%.
- The iShares Silver Trust (NYSE:SLV[6]) grew 0.5%.
Gold and silver mining ETFs mostly gained during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) increased 0.3%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) rose 0.6%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) dipped 0.1%.
Gold mining shares moved up on Monday.
- Agnico-Eagle Mines (NYSE:AEM[10]) rose 0.4%.
- Barrick Gold (NYSE:ABX[11]) added 0.8%
- Eldorado Gold (NYSE:EGO[12]) increased 1.6%.
- Goldcorp (NYSE:GG[13]) inched up 0.2%.
- Kinross Gold (NYSE:KGC[14]) grew 0.9%.
- Newmont Mining (NYSE:NEM[15]) also climbed 0.9%.
- NovaGold Resources (AMEX:NG[16]) gained 0.3%.
- Yamana Gold (NYSE:AUY[17]) advanced 1.2%.
Silver mining shares also were mostly higher.
- Coeur d’Alene Mines (NYSE:CDE[18]) fell 0.6%.
- Hecla Mining (NYSE:HL[19]) dipped 0.2%.
- Pan American Silver (NASDAQ:PAAS[20]) rose 0.2%.
- Silver Wheaton (NYSE:SLW[21]) was flat.
- Silver Standard Resources (NASDAQ:SSRI[22]) climbed 0.7%.
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/gold-jumps-on-cyprus-bank-bailout-plans/