Gold Falls on Bank of Japan Selloff

Mining stocks followed gold and silver down after Bank of Japan decision

   

Gold Falls on Bank of Japan Selloff

PreciousMetalsRecap Gold Falls on Bank of Japan SelloffThe Bank of Japan decided not to offer more stimulus at the conclusion of its policy meeting, rattling global markets and pushing both equities and commodities down in Tuesday trading. Gold joined other commodities caught in the selloff. The metal fell hard early in the session, but recovered somewhat, closing with a just modest loss for the day.

Gold futures for July delivery slid 0.7% to $1,377.10 per ounce on Tuesday, according to CME Group. Gold traded as high as $1,386.10 and as low as $1,365.50. Gold bullion closed in London at $1,381, according to BullionVault.

gold 200x200 Gold Falls on Bank of Japan Selloff
Will Gold Really Hedge a Falling Stock Market?

Silver futures for July delivery dropped 1.3% to $21.65 per ounce. Tuesday’s high for silver was $21.96 while the low was $21.40.

Gold and silver funds sank in Tuesday trading.

  • The SPDR Gold Trust (GLD) dipped 0.5%.
  • The iShares Gold Trust (IAU) slid 0.6%.
  • The iShares Silver Trust (SLV) fell 1.2%.

Gold and silver mining ETFs tumbled during the day.

  • The Market Vectors Gold Miners ETF (GDX) dropped 3.3%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) declined 3.6%.
  • The Global X Silver Miners ETF (SIL) slumped 3.8%.

Gold mining shares slumped on Tuesday.

  • Agnico-Eagle Mines (AEM) sank 2.7%.
  • Barrick Gold (ABX) dropped 3.7%.
  • Eldorado Gold (EGO) skidded 5.5%.
  • Goldcorp (GG) fell 3.1%.
  • Kinross Gold (KGC) plunged 6.2%.
  • Newmont Mining (NEM) declined 3.2%.
  • NovaGold Resources (NG) moved down 3.8%.
  • Yamana Gold (AUY) slid 5.2%.

Silver mining shares declined during the day.

  • Coeur d’Alene Mines (CDE) dipped 2.3%.
  • Hecla Mining (HL) fell 1.7%.
  • Pan American Silver (PAAS) sank 2.7%.
  • Silver Wheaton (SLW) dropped 3.1%.
  • Silver Standard Resources (SSRI) moved down 2.7%.

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/2013/06/gold-falls-on-bank-of-japan-selloff/.

©2014 InvestorPlace Media, LLC

Comments are currently unavailable. Please check back soon.