Gold Rises on Cyprus Bailout Vote

Gold gained, silver slipped and miners were mixed

   

PreciousMetalsRecap Gold Rises on Cyprus Bailout VoteThe rejection of the eurozone bailout plan by Cyprus’ parliament sent gold higher in Tuesday trading.

Under the bailout plan, Cyprus would have seized up to 10% of bank accounts belonging to private citizens in order to finance the bailout. Revelation of the controversial terms led to a wave of outrage and frantic withdrawals. The island nation is facing default, potentially disrupting the euro zone economy.

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Gold futures for April delivery climbed 0.4% to $1,611.30 ounce on Tuesday, according to CME Group. Gold traded as high as $1,615 and as low as $1,599. Gold bullion closed in London at $1,614, according to BullionVault.

Silver futures for April delivery dipped 0.1% to $28.82 per ounce. Tuesday’s high for silver was $29.01, while the low was $28.67.

Gold and silver funds mostly rose in Tuesday trading.

  • The SPDR Gold Trust (NYSE:GLD) gained 0.4%.
  • The iShares Gold Trust (NYSE:IAU) rose 0.6%.
  • The iShares Silver Trust (NYSE:SLV) slipped 0.1%.

Gold and silver mining ETFs mostly declined during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) edged up 0.3%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) fell 0.5%.
  • The Global X Silver Miners ETF (NYSE:SIL) declined 0.4%.

Gold mining shares were mixed on Tuesday.

  • Agnico-Eagle Mines (NYSE:AEM) climbed 1.3%.
  • Barrick Gold (NYSE:ABX) dipped 0.1%
  • Eldorado Gold (NYSE:EGO) fell 2%.
  • Goldcorp (NYSE:GG) moved up 0.2%.
  • Kinross Gold (NYSE:KGC) gained 1%.
  • Newmont Mining (NYSE:NEM) rose 0.9%.
  • NovaGold Resources (AMEX:NG) dropped 1.8%.
  • Yamana Gold (NYSE:AUY) surged 2.7%.

Silver mining shares also were also mixed.

  • Coeur d’Alene Mines (NYSE:CDE) inched up 0.1%.
  • Hecla Mining (NYSE:HL) tumbled 3.3%.
  • Pan American Silver (NASDAQ:PAAS) fell 1.4%.
  • Silver Wheaton (NYSE:SLW) increased 0.2%.
  • Silver Standard Resources (NASDAQ:SSRI) advanced 3.8%.

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-rises-on-cyprus-bailout-vote/.

©2014 InvestorPlace Media, LLC

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