Gold Regains Some Lost Ground After Plunge
by Christopher Freeburn | April 16, 2013 4:26 pm
[1]In the wake of yesterday’s steep sell-off, Gold rebounded modestly in Tuesday trading. A BlackRock analyst said that the metal might have been oversold and its value could rise in the face of increasing inflation and more gold-buying by central banks.
Gold futures for May delivery climbed 1.9% to $1,386.80 per ounce on Tuesday, according to CME Group[2]. Gold traded as high as $1,402.90 and as low as $1,322.10. Gold bullion closed in London at $1,368, according to BullionVault[3].
Silver futures for May delivery rose 1.1% to $23.63 per ounce. Tuesday’s high for silver was $23.98, while the low was $22.
Gold and silver funds advanced in Tuesday trading.
- The SPDR Gold Trust (NYSE:GLD[4]) rose 1.2%.
- The iShares Gold Trust (NYSE:IAU[5]) also increased 1.2%.
- The iShares Silver Trust (NYSE:SLV[6]) climbed 2.6%.
Gold and silver mining ETFs were mixed during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) declined 0.7%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) fell 1%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) improved 0.8%.
Gold mining shares were also mixed on Tuesday.
- Agnico-Eagle Mines (NYSE:AEM[10]) inched up 0.6%.
- Barrick Gold (NYSE:ABX[11]) fell 4.7%.
- Eldorado Gold (NYSE:EGO[12]) added 0.5%.
- Goldcorp (NYSE:GG[13]) also gained 0.4%.
- Kinross Gold (NYSE:KGC[14]) dropped 0.6%.
- Newmont Mining (NYSE:NEM[15]) dipped 0.4%.
- NovaGold Resources (AMEX:NG[16]) tumbled 6.4%.
- Yamana Gold (NYSE:AUY[17]) sank 2%.
Silver mining shares retreated during the day.
- Coeur d’Alene Mines (NYSE:CDE[18]) slid 0.5%.
- Hecla Mining (NYSE:HL[19]) declined 0.3%.
- Pan American Silver (NASDAQ:PAAS[20]) fell 2.9%.
- Silver Wheaton (NYSE:SLW[21]) dipped 0.9%.
- Silver Standard Resources (NASDAQ:SSRI[22]) sank 2.2%.
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: http://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/
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