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Gold Slips on Profit-Taking

Falling mining stocks outpaced the metals


Gold Silver GLD IAU SLVGold 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.

Gold Mining Stocks – 3 Reasons the Worst is Over
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/.

©2017 InvestorPlace Media, LLC