Gold Falls While Equities Surge
by Christopher Freeburn | November 18, 2013 4:30 pm
[1]Rising equities markets around the world undercut gold’s attractiveness to investors, sending the precious metal down in Monday trading.
The Dow Jones Industrial Average and S&P 500 hit record highs early in the session — with the DJIA breaking through the 16,000 mark for the first time ever. However, gains sputtered in the afternoon and the DJIA closed below its high mark, while the S&P 500 drifted into negative territory. Equities markets in Europe closed higher.
Gold futures for December delivery dropped 1.2% to $1,272.30 per ounce on Monday, according to CME Group[2]. Gold traded as high as $1,289.20 and as low as $1,269.20. Bullion closed in London at $1,276, according to BullionVault[3].
Silver futures for December fell 1.8% to $20.36 per ounce. Monday’s high for silver was $20.80, while the low was $20.29.
Metal funds pulled back in Monday trading.
- The SPDR Gold Shares (GLD[4]) sank 1.1%.
- The iShares Gold Trust (IAU[5]) slid 1%.
- The iShares Silver Trust (SLV[6]) declined 1.7%.
Mining ETFs moved lower during the day.
- The Market Vectors Gold Miners ETF (GDX[7]) fell 1.9%.
- The Market Vectors Junior Gold Miners ETF (GDXJ[8]) dropped 2%.
- The Global X Silver Miners ETF (SIL[9]) slipped 1.7%.
Gold stocks sank on Monday.
- Agnico-Eagle Mines (AEM[10]) dropped 3.5%.
- Barrick Gold (ABX[11]) fell 2.2%.
- Eldorado Gold (EGO[12]) declined 3.2%.
- Goldcorp (GG[13]) dipped 0.7%.
- Kinross Gold (KGC[14]) slid 3.5%.
- Newmont Mining (NEM[15]) moved down 2.7%.
- NovaGold Resources (NG[16]) tumbled 3.8%.
- Yamana Gold (AUY[17]) pulled back 1.7%.
Silver mining shares declined during the day.
- Coeur d’Alene Mines (CDE[18]) waned 2.3%.
- Hecla Mining (HL[19]) dropped 3.2%.
- Pan American Silver (PAAS[20]) fell 2.1%.
- Silver Wheaton (SLW[21]) sank 2.2%.
- Silver Standard Resources (SSRI[22]) decreased 3.4%.
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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