Gold Jumps on Cyprus Bank Bailout Plans

by Christopher Freeburn | March 18, 2013 4:26 pm

Gold Silver GLD IAU SLV[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.

Gold and silver mining ETFs mostly gained during the day.

Gold mining shares moved up on Monday.

Silver mining shares also were mostly higher.

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.

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