Gold Dips But Posts Quarterly Gain

Gold miners trickled up, but silver miners faltered

   

Gold Dips But Posts Quarterly Gain

PreciousMetalsRecap Gold Dips But Posts Quarterly GainGold fell modestly in Monday trading as investors awaited the outcome of the budget standoff in Washington, D.C., that threatens to shut down the U.S. government for the first time since 1995-96. The metal posted its first quarterly gain in a year, rising 8.4% since the end of June, even though it ended September down about 5% for the month.

Congressional Republicans are battling the White House and Senate Democrats over bills that keep the government running in exchange for delaying the implementation of President Barack Obama’s Affordable Care Act. President Obama has threatened to veto any bill that links continued government funding to his health care law, setting the stage for a shutdown that looks likely to come tomorrow.

11103054 gold bullion 200x200 Gold Dips But Posts Quarterly Gain
Gold & Silver’s Weak Q3 Should Improve in Q4

Gold futures for December delivery dropped 0.9% to $1,327 per ounce on Monday, according to CME Group. Gold traded as high as $1,353.80 and as low as $1,322. Bullion closed in London at $1,330, according to BullionVault.

Silver futures for December delivery slid 0.6% to $21.71 per ounce. Monday’s high for silver was $22.11, while the low was $21.44.

Metal funds declined in Monday trading.

  • The SPDR Gold Shares (GLD) fell 0.6%.
  • The iShares Gold Trust (IAU) slid 0.5%.
  • The iShares Silver Trust (SLV) dipped 0.3%.

Mining ETFs sank during the day.

  • The Market Vectors Gold Miners ETF (GDX) slipped 0.4%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) dropped 2.1%.
  • The Global X Silver Miners ETF (SIL) moved down 1.9%.

Gold mining shares mostly gained on Monday.

  • Agnico-Eagle Mines (AEM) rose 0.7%.
  • Barrick Gold (ABX) inched up 0.5%.
  • Eldorado Gold (EGO) increased 0.9%.
  • Goldcorp (GG) climbed 1%.
  • Kinross Gold (KGC) moved up 1.2%.
  • Newmont Mining (NEM) edged higher 0.4%.
  • NovaGold Resources (NG) fell 1.3%.
  • Yamana Gold (AUY) advanced 0.3%.

Silver mining shares retreated during the day.

  • Coeur d’Alene Mines (CDE) dropped 2%.
  • Hecla Mining (HL) slid 0.6%.
  • Pan American Silver (PAAS) fell 0.9%.
  • Silver Wheaton (SLW) sank 0.6%.
  • Silver Standard Resources (SSRI) tumbled 2.5%.

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/2013/09/gold-dips-but-posts-quarterly-gain/.

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