Gold Rises on Cyprus Bailout Vote
by Christopher Freeburn | March 19, 2013 4:52 pm
[1]The 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.
Gold futures for April delivery climbed 0.4% to $1,611.30 ounce on Tuesday, according to CME Group[2]. Gold traded as high as $1,615 and as low as $1,599. Gold bullion closed in London at $1,614, according to BullionVault[3].
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[4]) gained 0.4%.
- The iShares Gold Trust (NYSE:IAU[5]) rose 0.6%.
- The iShares Silver Trust (NYSE:SLV[6]) slipped 0.1%.
Gold and silver mining ETFs mostly declined during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) edged up 0.3%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) fell 0.5%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) declined 0.4%.
Gold mining shares were mixed on Tuesday.
- Agnico-Eagle Mines (NYSE:AEM[10]) climbed 1.3%.
- Barrick Gold (NYSE:ABX[11]) dipped 0.1%
- Eldorado Gold (NYSE:EGO[12]) fell 2%.
- Goldcorp (NYSE:GG[13]) moved up 0.2%.
- Kinross Gold (NYSE:KGC[14]) gained 1%.
- Newmont Mining (NYSE:NEM[15]) rose 0.9%.
- NovaGold Resources (AMEX:NG[16]) dropped 1.8%.
- Yamana Gold (NYSE:AUY[17]) surged 2.7%.
Silver mining shares also were also mixed.
- Coeur d’Alene Mines (NYSE:CDE[18]) inched up 0.1%.
- Hecla Mining (NYSE:HL[19]) tumbled 3.3%.
- Pan American Silver (NASDAQ:PAAS[20]) fell 1.4%.
- Silver Wheaton (NYSE:SLW[21]) increased 0.2%.
- Silver Standard Resources (NASDAQ:SSRI[22]) advanced 3.8%.
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-rises-on-cyprus-bailout-vote/