Gold Climbs as U.S. Dollar, Equities Slide
by Christopher Freeburn | May 20, 2013 4:30 pm
[1]After 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[2]. 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[3].
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[4]) rose 3.1%.
- The iShares Gold Trust (IAU[5]) added 3%.
- The iShares Silver Trust (SLV[6]) improved 4%.
Gold and silver mining ETFs gained strongly during the day.
- The Market Vectors Gold Miners ETF (GDX[7]) surged 6.3%.
- The Market Vectors Junior Gold Miners ETF (GDXJ[8]) soared 7.7%.
- The Global X Silver Miners ETF (SIL[9]) moved up 4.9%.
Gold mining shares shot up on Monday.
- Agnico-Eagle Mines (AEM[10]) climbed 6.5%.
- Barrick Gold (ABX[11]) jumped 7.3%.
- Eldorado Gold (EGO[12]) soared 9.8%.
- Goldcorp (GG[13]) advanced 5.7%.
- Kinross Gold (KGC[14]) increased 7.8%.
- Newmont Mining (NEM[15]) improved 5.4%.
- NovaGold Resources (NG[16]) added 4.7%.
- Yamana Gold (AUY[17]) rose 7.1%.
Silver mining shares advanced during the day.
- Coeur d’Alene Mines (CDE[18]) added 7.5%.
- Hecla Mining (HL[19]) rose 6.3%.
- Pan American Silver (PAAS[20]) gained 10.2%.
- Silver Wheaton (SLW[21]) rose 6.5%.
- Silver Standard Resources (SSRI[22]) jumped 10%.
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.
Endnotes:
- [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/
Source URL: https://investorplace.com/2013/05/gold-climbs-as-u-s-dollar-equities-slide/