Gold Keeps Sinking on Bernanke Remarks

by Christopher Freeburn | June 20, 2013 4:39 pm

Gold Keeps Sinking on Bernanke Remarks

PreciousMetalsRecap Gold Keeps Sinking on Bernanke Remarks[1]Gold joined equities and other commodities in a broad and sharp selloff on Thursday, falling below $1,300 an ounce. Global markets continued to sink on the heels of yesterday’s comments by Federal Reserve Chairman Ben Bernanke signaling that the Fed could begin slowing its monthly bond-buying later this year.

While Bernanke’s remarks suggested confidence in the strength of the U.S. economy, equities markets continued their downward spin for a second day. The U.S. dollar, by contrast, surged against other world currencies.

Gold futures for July delivery plummeted 6.4% to $1,285.90 per ounce on Thursday, according to CME Group[2]. Gold traded as high as $1,349.80 and as low as $1,280.80. Gold bullion closed in London at $1,281, according to BullionVault[3].

Silver futures for July delivery plunged 8.3% to $19.82 per ounce. Thursday’s high for silver was $21.28 while the low was $19.64.

Gold and silver funds sank in Thursday trading.

Gold and silver mining ETFs slumped during the day.

Gold mining shares nose-dived on Thursday.

Silver mining shares pulled back sharply 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.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
  2. CME Group: http://www.cmegroup.com
  3. BullionVault: http://investorplace.com/2013/01/weak-jobs-report-lessens-gold-slide/www.bullionvault.com
  4. GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
  5. IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
  6. SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
  7. GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
  8. GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
  9. SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
  10. AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
  11. ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
  12. EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
  13. GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
  14. KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
  15. NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
  16. NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
  17. AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
  18. CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
  19. HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
  20. PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
  21. SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
  22. SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
  23. BullionVault: http://www.bullionvault.com/

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