Gold Drops Amid Dow Jones’ Jump
by Christopher Freeburn | May 7, 2013 4:52 pm
[1]Gold sank in Tuesday trading as U.S. stock indices soared to new record highs. A combination of good economic news and strong corporate earnings propelled the Dow Jones Industrial Average to close over 15000 for the first time ever, while the S&P 500 closed at a new high for the fourth straight session.
Gold futures for June delivery fell 1.3% to $1,448.80 per ounce on Tuesday, according to CME Group[2]. Gold traded as high as $1,470 and as low as $1,440.40. Gold bullion closed in London at $1,455, according to BullionVault[3].
Silver futures for June delivery declined 0.6% to $23.79 per ounce. Tuesday’s high for silver was $23.98, while the low was $23.41.
Gold and silver funds were retreated in Tuesday trading.
- The SPDR Gold Trust (NYSE:GLD[4]) slid 1.2%.
- The iShares Gold Trust (NYSE:IAU[5]) sank 1.3%.
- The iShares Silver Trust (NYSE:SLV[6]) dipped 0.3%.
Gold and silver mining ETFs declined during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) dropped 3%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) tumbled 4.6%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) fell 1.8%.
Gold mining shares pulled back on Tuesday.
- Agnico-Eagle Mines (NYSE:AEM[10]) moved down 3%.
- Barrick Gold (NYSE:ABX[11]) slumped 3%.
- Eldorado Gold (NYSE:EGO[12]) dropped 2.9%.
- Goldcorp (NYSE:GG[13]) fell 1.5%.
- Kinross Gold (NYSE:KGC[14]) slipped 0.8%.
- Newmont Mining (NYSE:NEM[15]) declined 1.9%.
- NovaGold Resources (AMEX:NG[16]) sank 2.5%.
- Yamana Gold (NYSE:AUY[17]) slid 2.7%.
Silver mining shares sank.
- Coeur d’Alene Mines (NYSE:CDE[18]) slumped 3.8%.
- Hecla Mining (NYSE:HL[19]) tumbled 4.1%.
- Pan American Silver (NASDAQ:PAAS[20]) fell 2.2%.
- Silver Wheaton (NYSE:SLW[21]) dropped 2.5%.
- Silver Standard Resources (NASDAQ:SSRI[22]) retreated 3.5%.
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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