Gold Drops on Bernanke Remarks

by Christopher Freeburn | May 22, 2013 4:26 pm

Gold Silver GLD IAU SLV[1]Comments by Federal Reserve Chairman Ben Bernanke hinting at a possible draw down of the Fed’s economic stimulus efforts in coming months sent gold lower in Wednesday trading. In testimony before Congress, Bernanke said the Fed would continue bond-buying for the time being, but could reduce that activity if the economy showed continued improvement.

Gold futures for June delivery sank 0.7% to $1,367.40 per ounce on Wednesday, according to CME Group[2]. Gold traded as high as $1,413.30 and as low as $1,353.10. Gold bullion closed in London at $1,364, according to BullionVault[3].

Silver futures for June delivery edged up 0.1% to $22.46 per ounce. Wednesday’s high for silver was $23.18 while the low was $22.22.

Gold and silver funds declined in Wednesday trading.

Gold and silver mining ETFs improved during the day.

Gold mining shares mostly advanced on Wednesday.

Silver mining shares mostly gained during the day.

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.

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