Gold Slips on Profit-Taking

by Christopher Freeburn | August 19, 2013 4:16 pm

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

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[4]) slid 0.4%.
• The iShares Gold Trust (IAU[5]) also dipped 0.4%.
• The iShares Silver Trust (SLV[6]) was flat.

Gold and silver mining ETFs moved lower during the day.

• The Market Vectors Gold Miners ETF (GDX[7]) fell 1.9%.
• The Market Vectors Junior Gold Miners ETF (GDXJ[8]) decreased 0.9%.
• The Global X Silver Miners ETF (SIL[9]) tumbled 2.8%.

Gold mining shares mostly sank on Monday.

• Agnico-Eagle Mines (AEM[10]) edged down 0.1%.
• Barrick Gold (ABX[11]) slid 0.5%.
• Eldorado Gold (EGO[12]) dropped 2.3%.
• Goldcorp (GG[13]) fell 0.3%.
• Kinross Gold (KGC[14]) tumbled 3.6%.
• Newmont Mining (NEM[15]) declined 0.9%.
• NovaGold Resources (NG[16]) pulled back 2.9%.
• Yamana Gold (AUY[17]) climbed 0.6%.

Silver mining shares slumped during the day.

• Coeur d’Alene Mines (CDE[18]) slumped 3.5%.
• Hecla Mining (HL[19]) retreated 3.2%.
• Pan American Silver (PAAS[20]) dropped 3%.
• Silver Wheaton (SLW[21]) declined 0.9%.
• Silver Standard Resources (SSRI[22]) fell 1%.

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/2013/08/gold-slips-on-profit-taking/

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