Gold Flat After Obama’s Syria Address
by Christopher Freeburn | September 11, 2013 4:45 pm
[1] U.S. President Barack Obama’s televised speech Tuesday night appeared to indefinitely delay any American military action against the regime of Syrian dictator Bashar al-Assad and left gold virtually unchanged in Wednesday trading.
Gold futures for December delivery dipped 20 cents to $1,363.80 per ounce on Wednesday, according to CME Group[2]. Gold traded as high as $1,368.70 and as low as $1,356. Gold bullion closed in London at $1,365, according to BullionVault[3].
Silver futures for December delivery rose 0.7% to $23.17 per ounce. Wednesday’s high for silver was $23.25, while the low was $22.79.
Gold and silver funds were mostly flat in Wednesday trading.
- The SPDR Gold Shares (GLD[4]) were flat.
- The iShares Gold Trust (IAU[5]) was unchanged.
- The iShares Silver Trust (SLV[6]) climbed 0.7%.
Gold and silver mining ETFs advanced during the day.
- The Market Vectors Gold Miners ETF (GDX[7]) rose 1%.
- The Market Vectors Junior Gold Miners ETF (GDXJ[8]) moved up 0.5%.
- The Global X Silver Miners ETF (SIL[9]) added 0.8%.
Gold mining shares mostly gained on Wednesday.
- Agnico-Eagle Mines (AEM[10]) dipped 0.1%.
- Barrick Gold (ABX[11]) rose 1.1%.
- Eldorado Gold (EGO[12]) was flat.
- Goldcorp (GG[13]) gained 2%.
- Kinross Gold (KGC[14]) added 1.5%.
- Newmont Mining (NEM[15]) increased 0.9%.
- NovaGold Resources (NG[16]) moved up 0.7%.
- Yamana Gold (AUY[17]) climbed 1.2%.
Silver mining shares were mostly higher during the day.
- Coeur d’Alene Mines (CDE[18]) slid 1.7%.
- Hecla Mining (HL[19]) rose 1.9%.
- Pan American Silver (PAAS[20]) added 1%.
- Silver Wheaton (SLW[21]) climbed 2.3%.
- Silver Standard Resources (SSRI[22]) edged up 0.3%.
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.
Endnotes:
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- CME Group: http://www.cmegroup.com
- BullionVault: http://www.bullionvault.com
- GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
- IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
- SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
- GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
- GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
- SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
- HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
- PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
- SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
- SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
- BullionVault: http://www.bullionvault.com/
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