Gold Tumbles With the Rest of the Market

by Christopher Freeburn | April 3, 2013 4:34 pm

Gold Tumbles With the Rest of the Market

PreciousMetalsRecap Gold Tumbles With the Rest of the Market[1]A weaker-than-expected report on U.S. private sector job creation in March[2] renewed worries over continued economic growth and sent just about everything — the U.S. dollar, equities, gold and other commodities — down sharply in Wednesday trading. The metal continued to show little safe-haven appeal, despite rising concerns among U.S. defense officials about escalating rhetoric from North Korea.

Gold futures for May delivery slid 1.4% to $1,553.10 per ounce on Wednesday, according to CME Group[3]. Gold traded as high as $1,576.40 and as low as $1,549.40. Gold bullion closed in London at $1,561, according to BullionVault[4].

Silver futures for May delivery fell 1.7% to $26.80 per ounce. Wednesday’s high for silver was $27.32, while the low was $26.67.

Gold and silver funds retreated in Wednesday trading.

Gold and silver mining ETFs dropped sharply during the day.

Gold mining shares pulled back strongly on Wednesday.

Silver mining shares fell forcefully during the day, too.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[24] contributed to this report.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
  2. report on U.S. private sector job creation in March: http://investorplace.com/2013/04/companies-made-fewer-new-hires-in-march/
  3. CME Group: http://www.cmegroup.com
  4. BullionVault: http://investorplace.com/2013/01/weak-jobs-report-lessens-gold-slide/www.bullionvault.com
  5. GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
  6. IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
  7. SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
  8. GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
  9. GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
  10. SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
  11. AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
  12. ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
  13. EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
  14. GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
  15. KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
  16. NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
  17. NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
  18. AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
  19. CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
  20. HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
  21. PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
  22. SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
  23. SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
  24. BullionVault: http://www.bullionvault.com/

Source URL: http://investorplace.com/2013/04/gold-tumbles-with-the-rest-of-the-market/
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