Gold Dips on Renewed Tapering Concerns

Miners followed the metals down for the day

   

Gold Dips on Renewed Tapering Concerns

PreciousMetalsRecap Gold Dips on Renewed Tapering ConcernsDespite last week’s decision by the Federal Reserve to let its monthly bond-buying stand, comments by one Fed official have rekindled investor worry that the central bank could begin tapering as soon as next month. Uncertainty over the Fed’s ultimate course sent gold lower for a second session on Monday.

On Friday, St. Louis Fed President James Bullard indicated in a media interview that it was “possible” that the Fed could announce minor tapering at its monthly meeting in October.

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Gold futures for December delivery slipped 0.4% to $1,327 per ounce on Monday, according to CME Group. Gold traded as high as $1,332 and as low as $1,313.40. Gold bullion closed in London at $1,323, according to BullionVault.

Silver futures for December delivery edged down 0.3% to $21.86 per ounce. Monday’s high for silver was $21.97, while the low was $21.30.

Gold and silver funds moved lower in Monday trading.

  • The SPDR Gold Shares (GLD) slipped 0.3%.
  • The iShares Gold Trust (IAU) also fell 0.3%.
  • The iShares Silver Trust (SLV) declined 1.1%.

Gold and silver mining ETFs sank during the day.

  • The Market Vectors Gold Miners ETF (GDX) declined 2.3%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) fell 1.9%.
  • The Global X Silver Miners ETF (SIL) slid 2.3%.

Gold mining shares declined on Monday.

  • Agnico-Eagle Mines (AEM) decreased 1.8%.
  • Barrick Gold (ABX) fell 1.4%.
  • Eldorado Gold (EGO) dropped 2.2%.
  • Goldcorp (GG) sank 1.2%.
  • Kinross Gold (KGC) slipped 1.5%.
  • Newmont Mining (NEM) edged lower 0.7%.
  • NovaGold Resources (NG) tumbled 4%.
  • Yamana Gold (AUY) waned 1.8%.

Silver mining shares pulled back during the day.

  • Coeur d’Alene Mines (CDE) sank 2.9%.
  • Hecla Mining (HL) declined 2.1%.
  • Pan American Silver (PAAS) faded 2.2%.
  • Silver Wheaton (SLW) dipped 1.9%.
  • Silver Standard Resources (SSRI) plunged 5.5%.

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-on-renewed-tapering-concerns/.

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