Gold Slips on Profit-Taking

Falling mining stocks outpaced the metals

   

PreciousMetalsRecap Gold Slips on Profit TakingGold moved lower in Wednesday trading as investors cashed in on yesterday’s sharp gains. The metal followed crude oil — which sank to its lowest price-per-barrel since July on rising U.S. inventories — despite continued weakness in the U.S. dollar after Tuesday’s dismal jobs report.

Gold futures for December delivery slid 0.6% to $1,334 per ounce on Wednesday, according to CME Group. Gold traded as high as $1,342.20 and as low as $1,328.50. Bullion closed in London at $1,335, according to BullionVault.

11103054 gold bullion 200x200 Gold Slips on Profit Taking
Gold Mining Stocks – 3 Reasons the Worst is Over

Silver futures for December fell 0.8% to $22.62 per ounce. Wednesday’s high for silver was $22.82, while the low was $22.50.

Metal funds waned in Wednesday trading.

  • The SPDR Gold Shares (GLD) fell 0.5%.
  • The iShares Gold Trust (IAU) dipped 0.4%.
  • The iShares Silver Trust (SLV) sank 0.5%.

Mining ETFs dropped during the day.

  • The Market Vectors Gold Miners ETF (GDX) slid 3.2%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) moved down 3.2%.
  • The Global X Silver Miners ETF (SIL) decreased 3.2%.

Gold stocks pulled back on Wednesday.

  • Agnico-Eagle Mines (AEM) sank 2.8%.
  • Barrick Gold (ABX) slipped 1.6%.
  • Eldorado Gold (EGO) was unchanged.
  • Goldcorp (GG) fell 2.3%.
  • Kinross Gold (KGC) dropped 4.2%.
  • Newmont Mining (NEM) slid 4.1%.
  • NovaGold Resources (NG) moved down 2.9%.
  • Yamana Gold (AUY) declined 2.6%.

Silver mining shares retreated during the day.

  • Coeur d’Alene Mines (CDE) tumbled 5%.
  • Hecla Mining (HL) dropped 3.8%.
  • Pan American Silver (PAAS) sank 3.7%.
  • Silver Wheaton (SLW) fell 2.2%.
  • Silver Standard Resources (SSRI) slid 3.8%.

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/2013/10/gold-slips-profit-taking/.

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