Gold Rallies But Ends Quarter with Record Decline

by Christopher Freeburn | June 28, 2013 4:29 pm

[1]Gold 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[2]. 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[3].

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[4]) rose 2.8%.
• The iShares Gold Trust (IAU[5]) also climbed 2.8%.
• The iShares Silver Trust (SLV[6]) surged 6%.

Gold and silver mining ETFs rose sharply during the day.

• The Market Vectors Gold Miners ETF (GDX[7]) gained 7.5%.
• The Market Vectors Junior Gold Miners ETF (GDXJ[8]) soared 8.9%.
• The Global X Silver Miners ETF (SIL[9]) increased 9%.

Gold mining shares vaulted higher on Friday.

• Agnico-Eagle Mines (AEM[10]) jumped 8.4%.
• Barrick Gold (ABX[11]) added 6%.
• Eldorado Gold (EGO[12]) advanced 7.8%.
• Goldcorp (GG[13]) surged 8.7%.
• Kinross Gold (KGC[14]) soared 9.9%.
• Newmont Mining (NEM[15]) increased 8.2%.
• NovaGold Resources (NG[16]) gained 9.1%.
• Yamana Gold (AUY[17]) rose 8.1%.

Silver mining shares soared during the day.

• Coeur d’Alene Mines (CDE[18]) gained 9.6%.
• Hecla Mining (HL[19]) climbed 8.4%.
• Pan American Silver (PAAS[20]) advanced 7.1%.
• Silver Wheaton (SLW[21]) climbed 7.5%.
• Silver Standard Resources (SSRI[22]) surged 9.5%.

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.

Source URL: https://investorplace.com/2013/06/gold-rallies-but-ends-quarter-with-record-decline/

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