Gold Climbs as U.S. Dollar, Equities Slide

Gold and silver climbed, while miners had a very good day

   

PreciousMetalsRecap Gold Climbs as U.S. Dollar, Equities SlideAfter seven straight session losses, Gold reversed course on Monday posting a strong gain. The precious metal’s fortunes improved as equities slipped and the U.S. dollar declined against other currencies.

Gold futures for June delivery jumped 1.4% to $1,384.10 per ounce on Monday, according to CME Group. Gold traded as high as $1,397.90 and as low as $1,336.30. Gold bullion closed in London at $1,400, according to BullionVault.

11103054 gold bullion 200x200 Gold Climbs as U.S. Dollar, Equities Slide
Gold Bulls Need a Reality Check

Silver futures for June delivery gained 1% to $22.57 per ounce. Monday’s high for silver was $23.09 while the low was $20.24.

Gold and silver funds advanced in Monday trading.

  • The SPDR Gold Trust (GLD) rose 3.1%.
  • The iShares Gold Trust (IAU) added 3%.
  • The iShares Silver Trust (SLV) improved 4%.

Gold and silver mining ETFs gained strongly during the day.

  • The Market Vectors Gold Miners ETF (GDX) surged 6.3%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) soared 7.7%.
  • The Global X Silver Miners ETF (SIL) moved up 4.9%.

Gold mining shares shot up on Monday.

  • Agnico-Eagle Mines (AEM) climbed 6.5%.
  • Barrick Gold (ABX) jumped 7.3%.
  • Eldorado Gold (EGO) soared 9.8%.
  • Goldcorp (GG) advanced 5.7%.
  • Kinross Gold (KGC) increased 7.8%.
  • Newmont Mining (NEM) improved 5.4%.
  • NovaGold Resources (NG) added 4.7%.
  • Yamana Gold (AUY) rose 7.1%.

Silver mining shares advanced during the day.

  • Coeur d’Alene Mines (CDE) added 7.5%.
  • Hecla Mining (HL) rose 6.3%.
  • Pan American Silver (PAAS) gained 10.2%.
  • Silver Wheaton (SLW) rose 6.5%.
  • Silver Standard Resources (SSRI) jumped 10%.

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/2013/05/gold-climbs-as-u-s-dollar-equities-slide/.

©2014 InvestorPlace Media, LLC

Comments are currently unavailable. Please check back soon.