Gold Rallies But Ends Quarter with Record Decline

Gold rose, silver surged and miners soared

   

PreciousMetalsRecap Gold Rallies But Ends Quarter with Record DeclineGold gained in Friday trading, but still ended down for the week. The precious metal also posted its worst quarterly loss since at least 1968, down 23%.

Gold futures for July delivery climbed 1% to $1,223.70 per ounce on Friday, according to CME Group. Gold traded as high as $1,229 and as low as $1,179.40. Gold bullion closed in London at $1,231, according to BullionVault.

11103054 gold bullion 200x200 Gold Rallies But Ends Quarter with Record Decline
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Silver futures for July delivery surged 5% to $19.45 per ounce. Friday’s high for silver was $19.56 while the low was $18.19.

Gold and silver funds improved in Friday trading.

  • The SPDR Gold Trust (GLD) rose 2.8%.
  • The iShares Gold Trust (IAU) also climbed 2.8%.
  • The iShares Silver Trust (SLV) surged 6%.

Gold and silver mining ETFs rose sharply during the day.

  • The Market Vectors Gold Miners ETF (GDX) gained 7.5%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) soared 8.9%.
  • The Global X Silver Miners ETF (SIL) increased 9%.

Gold mining shares vaulted higher on Friday.

  • Agnico-Eagle Mines (AEM) jumped 8.4%.
  • Barrick Gold (ABX) added 6%.
  • Eldorado Gold (EGO) advanced 7.8%.
  • Goldcorp (GG) surged 8.7%.
  • Kinross Gold (KGC) soared 9.9%.
  • Newmont Mining (NEM) increased 8.2%.
  • NovaGold Resources (NG) gained 9.1%.
  • Yamana Gold (AUY) rose 8.1%.

Silver mining shares soared during the day.

  • Coeur d’Alene Mines (CDE) gained 9.6%.
  • Hecla Mining (HL) climbed 8.4%.
  • Pan American Silver (PAAS) advanced 7.1%.
  • Silver Wheaton (SLW) climbed 7.5%.
  • Silver Standard Resources (SSRI) surged 9.5%.

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-rallies-but-ends-quarter-with-record-decline/.

©2014 InvestorPlace Media, LLC

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