Gold Slumps as Talks to End Shutdown Continue

Silver dropped and miners sank with the metals

   

PreciousMetalsRecap Gold Slumps as Talks to End Shutdown ContinueInvestors appeared to flee gold on Friday as talks for an eventual deal to end the U.S. government shutdown continued.

The metal dropped sharply even as negotiations between congressional Republicans and the White House over a possible debt ceiling extension continued with no clear agreement yet in sight. The metal ended the week down 4.3%.

11103054 gold bullion 200x200 Gold Slumps as Talks to End Shutdown Continue
If You Have to Trade Gold, Know This

Gold futures for December delivery sank 2.2% to $1,268.20 per ounce on Friday, according to CME Group. Gold traded as high as $1,294.80 and as low as $1,259.60. Bullion closed in London at $1,273, according to BullionVault.

Silver futures for December delivery fell 2.9% to $21.26 per ounce. Friday’s high for silver was $21.86, while the low was $20.95.

Metal funds declined in Friday trading.

  • The SPDR Gold Shares (GLD) fell 1.3%.
  • The iShares Gold Trust (IAU) slid 1.4%.
  • The iShares Silver Trust (SLV) sank 1.5%.

Mining ETFs retreated during the day.

  • The Market Vectors Gold Miners ETF (GDX) sank 2.3%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) dropped 3%.
  • The Global X Silver Miners ETF (SIL) fell 1.6%.

Gold mining shares pulled back on Friday.

  • Agnico-Eagle Mines (AEM) slid 1.4%.
  • Barrick Gold (ABX) dropped 3.4%.
  • Eldorado Gold (EGO) tumbled 4.3%.
  • Goldcorp (GG) decreased 2.7%.
  • Kinross Gold (KGC) slipped 1.3%.
  • Newmont Mining (NEM) fell 2.6%.
  • NovaGold Resources (NG) moved down 1.4%.
  • Yamana Gold (AUY) declined 3%.

Silver mining shares mostly sank during the day.

  • Coeur d’Alene Mines (CDE) dropped 2.4%.
  • Hecla Mining (HL) fell 1.9%.
  • Pan American Silver (PAAS) slid 2%.
  • Silver Wheaton (SLW) moved down 1.3%.
  • Silver Standard Resources (SSRI) was unchanged.

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-slumps-shutdown-drags/.

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