Gold Slips on Profit-Taking

Miners mostly posted declines for the day

   

Gold Slips on Profit-Taking

PreciousMetalsRecap Gold Slips on Profit TakingGold took a breather on Monday, falling back slightly after last week’s almost 5% rise, as investors looked to cash in on profits. Silver also cooled after surging 14% during the prior week.

Gold futures for December delivery dipped 0.4% to $1,365.70 per ounce on Monday, according to CME Group. Gold traded as high as $1,384.10 and as low as $1,362. Gold bullion closed in London at $1,370, according to BullionVault.

11103054 gold bullion 200x200 Gold Slips on Profit Taking
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Silver futures for December delivery sank 0.7% to $23.22 per ounce. Monday’s high for silver was $23.64, while the low was $23.01.

Gold and silver funds declined slightly in Monday trading.

  • The SPDR Gold Trust (GLD) slid 0.4%.
  • The iShares Gold Trust (IAU) also dipped 0.4%.
  • The iShares Silver Trust (SLV) was flat.

Gold and silver mining ETFs moved lower during the day.

  • The Market Vectors Gold Miners ETF (GDX) fell 1.9%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) decreased 0.9%.
  • The Global X Silver Miners ETF (SIL) tumbled 2.8%.

Gold mining shares mostly sank on Monday.

  • Agnico-Eagle Mines (AEM) edged down 0.1%.
  • Barrick Gold (ABX) slid 0.5%.
  • Eldorado Gold (EGO) dropped 2.3%.
  • Goldcorp (GG) fell 0.3%.
  • Kinross Gold (KGC) tumbled 3.6%.
  • Newmont Mining (NEM) declined 0.9%.
  • NovaGold Resources (NG) pulled back 2.9%.
  • Yamana Gold (AUY) climbed 0.6%.

Silver mining shares slumped during the day.

  • Coeur d’Alene Mines (CDE) slumped 3.5%.
  • Hecla Mining (HL) retreated 3.2%.
  • Pan American Silver (PAAS) dropped 3%.
  • Silver Wheaton (SLW) declined 0.9%.
  • Silver Standard Resources (SSRI) fell 1%.

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-on-profit-taking/.

©2014 InvestorPlace Media, LLC

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