Gold Sinks on Strong U.S. Home Sales

by Christopher Freeburn | July 24, 2013 4:45 pm

[1]A report from the Commerce Department showing better-than-expected U.S. sales of single family homes in June[2] sent the U.S. dollar up and gold down in Wednesday trading.

Gold futures for August delivery dropped 1.1% to $1,319.70 per ounce on Wednesday, according to CME Group[3]. Gold traded as high as $1,348.70 and as low as $1,312.70. Gold bullion closed in London at $1,323, according to BullionVault[4].

Silver futures for August delivery also slid 1.1% to $20.01 per ounce. Wednesday’s high for silver was $20.44, while the low was $19.98.

Gold and silver funds declined in Wednesday trading.

• The SPDR Gold Trust (GLD[5]) fell 1.7%.
• The iShares Gold Trust (IAU[6]) slid 1.8%.
• The iShares Silver Trust (SLV[7]) moved down 1.6%.

Gold and silver mining ETFs skidded during the day.

• The Market Vectors Gold Miners ETF (GDX[8]) sank 4.9%.
• The Market Vectors Junior Gold Miners ETF (GDXJ[9]) tumbled 5.5%.
• The Global X Silver Miners ETF (SIL[10]) declined 4%.

Gold mining shares sank on Wednesday.

• Agnico-Eagle Mines (AEM[11]) tumbled 6.7%.
• Barrick Gold (ABX[12]) fell 5.1%.
• Eldorado Gold (EGO[13]) slid 5.4%.
• Goldcorp (GG[14]) declined 4.9%.
• Kinross Gold (KGC[15]) slumped 5.5%.
• Newmont Mining (NEM[16]) moved down 4.9%.
• NovaGold Resources (NG[17]) rose 0.7%.
• Yamana Gold (AUY[18]) dropped 5.4%.

Silver mining shares retreated during the day.

• Coeur d’Alene Mines (CDE[19]) slipped 4%.
• Hecla Mining (HL[20]) declined 3.6%.
• Pan American Silver (PAAS[21]) fell 4.5%.
• Silver Wheaton (SLW[22]) moved down 3.5%.
• Silver Standard Resources (SSRI[23]) lost 4.8%.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[24] contributed to this report.

Source URL: https://investorplace.com/2013/07/gold-sinks-on-strong-u-s-home-sales/

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