Strong Manufacturing Report Pushes Gold Lower

Yamana leads gold miners down; Silver Standard among biggest silver mining laggards

   

PreciousMetalsRecap Strong Manufacturing Report Pushes Gold LowerGold climbed in early trading Thursday, but the advance withered after a report showed better-than-expected U.S. manufacturing gains in July. Gold futures ended the day slightly lower, while the U.S. dollar climbed.

The Institute for Supply Management’s manufacturing index jumped from a reading of 50.9 in June to 55.4 last month. The surge surprised economists who were expecting the index to rise to a reading of just 52.

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Gold futures for December delivery slid 0.1% to $1,311.20 per ounce Thursday, according to CME Group. Gold traded as high as $1,330.7o and as low as $1,307.10. Gold bullion closed in London at $1,313, according to BullionVault.

Silver futures for December delivery were flat at $19.67 per ounce. Thursday’s high for silver was $20, while the low was $19.61.

Gold and silver funds slid in Thursday trading.

  • The SPDR Gold Trust (GLD) fell 1.1%.
  • The iShares Gold Trust (IAU) sank 1%.
  • The iShares Silver Trust (SLV) slipped 0.8%.

Gold and silver mining ETFs declined during the day.

  • The Market Vectors Gold Miners ETF (GDX) dropped 3.2%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) dipped 1.9%.
  • The Global X Silver Miners ETF (SIL) moved down 1.4%.

Gold mining shares slumped on Thursday.

  • Agnico-Eagle Mines (AEM) slid 3.2%.
  • Barrick Gold (ABX) slipped 0.9%.
  • Eldorado Gold (EGO) tumbled 5.1%.
  • Goldcorp (GG) sank 2.8%.
  • Kinross Gold (KGC) fell 2.1%.
  • Newmont Mining (NEM) dipped 1.4%.
  • NovaGold Resources (NG) dropped 2.4%.
  • Yamana Gold (AUY) plunged 7.9%.

Silver mining shares moved down during the day.

  • Coeur d’Alene Mines (CDE) fell 1.9%.
  • Hecla Mining (HL) moved down 0.6%.
  • Pan American Silver (PAAS) dropped 2.8%.
  • Silver Wheaton (SLW) also sank 2.8%.
  • Silver Standard Resources (SSRI) tumbled 5%.

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/strong-manufacturing-report-pushes-gold-lower/.

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