Gold Tumbles Tuesday as U.S. Equities Soar

Silver Standard, Silver Wheaton lead miners' march south

   

Gold Tumbles Tuesday as U.S. Equities Soar

PreciousMetalsRecap Gold Tumbles Tuesday as U.S. Equities SoarStrong March sales by U.S. automakers, coupled with a Commerce Department report showing domestic factory orders up 3% in February, helped to push gold down sharply in Tuesday trading. The precious metal experienced its largest one-day drop in more than a month as the S&P 500 and Dow Jones Industrial Average closed at record highs.

Gold futures for May delivery dropped 1.6% to $1,575.50 per ounce on Tuesday, according to CME Group. Gold traded as high as $1,603.30 and as low as $1,574.10. Gold bullion closed in London at $1,578, according to BullionVault.

11103054 gold bullion 200x200 Gold Tumbles Tuesday as U.S. Equities Soar
Go for the Gold! (But Do It Quickly)

Silver futures for May delivery sank 2.5% to $27.25 per ounce. Tuesday’s high for silver was $28.14, while the low was $27.15.

Gold and silver funds moved sharply lower in Tuesday trading.

  • The SPDR Gold Trust (NYSE:GLD) fell 1.5%.
  • The iShares Gold Trust (NYSE:IAU) also declined 1.5%.
  • The iShares Silver Trust (NYSE:SLV) slid 2.8%.

Gold and silver mining ETFs plummeted during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) plunged 4.2%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) sank 4.4%.
  • The Global X Silver Miners ETF (NYSE:SIL) tumbled 3.3%.

Gold mining shares declined on Tuesday.

  • Agnico-Eagle Mines (NYSE:AEM) sank 4.2%.
  • Barrick Gold (NYSE:ABX) fell 2.6%.
  • Eldorado Gold (NYSE:EGO) plunged 9.3%.
  • Goldcorp (NYSE:GG) dropped 3.2%.
  • Kinross Gold (NYSE:KGC) fell 4.9%.
  • Newmont Mining (NYSE:NEM) declined 3.7%.
  • NovaGold Resources (AMEX:NG) slid 3.3%.
  • Yamana Gold (NYSE:AUY) slumped 4.8%.

Silver mining shares fell during the day.

  • Coeur d’Alene Mines (NYSE:CDE) retreated 3.7%.
  • Hecla Mining (NYSE:HL) fell 3.6%.
  • Pan American Silver (NASDAQ:PAAS) sank 4.5%.
  • Silver Wheaton (NYSE:SLW) dropped 4.1%.
  • Silver Standard Resources (NASDAQ:SSRI) plunged 5%.

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/2013/04/gold-tumbles-tuesday-as-u-s-equities-soar/.

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