Gold Dips on Stronger U.S. Dollar, Soros Comments

by Christopher Freeburn | April 8, 2013 4:57 pm

Gold Dips on Stronger U.S. Dollar, Soros Comments

PreciousMetalsRecap Gold Dips on Stronger U.S. Dollar, Soros CommentsA strengthening U.S. dollar pushed gold down slightly in Monday trading. Adding to the metal’s woes were remarks from billionaire George Soros, who told the South China Morning Post that the metal’s poor performance during last year’s near-meltdown in Europe had “destroyed” its safe haven appeal.

Despite his lack of faith in gold, Soros predicted that central banks around the world would continue to increase their reserves of the metal.

Gold futures for May delivery slipped 0.2% to $1,572.10 per ounce on Monday, according to CME Group[1]. Gold traded as high as $1,582.20 and as low as $1,566.80. Gold bullion closed in London at $1,575, according to BullionVault[2].

Silver futures for May delivery fell 0.3% to $27.14 per ounce. Monday’s high for silver was $27.47, while the low was $27.07.

Gold and silver funds retreated in Monday trading.

Gold and silver mining ETFs moved lower during the day.

Gold mining shares slumped on Monday.

Silver mining shares also pulled back during the day.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[22] contributed to this report.

Endnotes:
  1. CME Group: http://www.cmegroup.com
  2. BullionVault: http://investorplace.com/2013/01/weak-jobs-report-lessens-gold-slide/www.bullionvault.com
  3. GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
  4. IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
  5. SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
  6. GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
  7. GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
  8. SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
  9. AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
  10. ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
  11. EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
  12. GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
  13. KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
  14. NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
  15. NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
  16. AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
  17. CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
  18. HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
  19. PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
  20. SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
  21. SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
  22. BullionVault: http://www.bullionvault.com/

Source URL: http://investorplace.com/2013/04/gold-dips-on-stronger-u-s-dollar-soros-comments/
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