Gold Slips Ahead of FOMC Minutes

Mining stock declines outpaced the metals' losses

   

Gold Slips Ahead of FOMC Minutes

PreciousMetalsRecap Gold Slips Ahead of FOMC MinutesWith investors focused on any clues about when the Federal Reserve will start tapering its monthly bond-buying, gold settled slightly lower on Wednesday prior to the release of the minutes from July’s Federal Open Markets Committee meeting.

The minutes revealed broad support among committee members for Fed Chairman Ben Bernanke’s plan to begin scaling back stimulus efforts later this year, but did not suggest a specific timetable for the tapering. Equities markets declined.

Gold185 Gold Slips Ahead of FOMC Minutes
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Gold futures for December delivery fell 0.2% to $1,370.10 per ounce on Wednesday, according to CME Group. Gold traded as high as $1,373.80 and as low as $1,359.20. Gold bullion closed in London at $1,370, according to BullionVault.

Silver futures for December delivery moved down 0.5% to $23 per ounce. Wednesday’s high for silver was $23.20, while the low was $22.81.

Gold and silver funds fell slightly in Wednesday trading.

  • The SPDR Gold Trust (GLD) dipped 0.3%.
  • The iShares Gold Trust (IAU) also slid 0.3%.
  • The iShares Silver Trust (SLV) moved down 0.2%.

Gold and silver mining ETFs retreated during the day.

  • The Market Vectors Gold Miners ETF (GDX) tumbled 4.6%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) dropped 2.9%.
  • The Global X Silver Miners ETF (SIL) declined 3%.

Gold mining shares slumped on Wednesday.

  • Agnico-Eagle Mines (AEM) fell 4.2%.
  • Barrick Gold (ABX) slid 3.5%.
  • Eldorado Gold (EGO) declined 4%.
  • Goldcorp (GG) dropped 4.7%.
  • Kinross Gold (KGC) tumbled 6.1%.
  • Newmont Mining (NEM) moved down 3%.
  • NovaGold Resources (NG) sank 2.8%.
  • Yamana Gold (AUY) retreated 3.3%.

Silver mining shares pulled back during the day.

  • Coeur d’Alene Mines (CDE) dropped 4.1%.
  • Hecla Mining (HL) slipped 3.2%.
  • Pan American Silver (PAAS) sank 3.8%.
  • Silver Wheaton (SLW) declined 3.1%.
  • Silver Standard Resources (SSRI) moved down 3.8%.

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/2013/08/gold-slips-ahead-of-fomc-minutes/.

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