Gold Sinks on Stronger U.S. Consumer Confidence

Silver fell, but mining stocks mostly gained

   

PreciousMetalsRecap Gold Sinks on Stronger U.S. Consumer ConfidenceGold dropped in Tuesday trading after a report showed that Americans felt a little better about the U.S. economy this month. The metal declined as U.S. equities markets posted modest gains.

The Conference Board said that its consumer confidence index climbed to a reading of 80.7 in January. That was up from a December reading of 77.5 and marked a five-month high for the index. It also topped the reading of 78 expected by economists.

11103054 gold bullion 200x200 Gold Sinks on Stronger U.S. Consumer Confidence
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Gold futures for February delivery fell 1% to $1,250.80 per ounce on Tuesday, according to CME Group. Gold traded as high as $1,262.30 and as low as $1,248.20. Bullion closed in London at $1,256, according to BullionVault.

Silver futures for March delivery slid 1.5%, to $19.50 per ounce. Tuesday’s high for silver was $19.84, while the low was $19.46.

Metal funds declined on Tuesday.

  • The SPDR Gold Shares (GLD) was flat.
  • The iShares Gold Trust (IAU) sank 0.1%.
  • The iShares Silver Trust (SLV) slid 0.2%.

Mining ETFs gained during the day.

  • The Market Vectors Gold Miners ETF (GDX) rose 2.1%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) climbed 2.2%.
  • The Global X Silver Miners ETF (SIL) added 1.2%.

Gold stocks mostly moved higher on Tuesday.

  • Agnico-Eagle Mines (AEM) increased 1.6%.
  • Barrick Gold (ABX) rose 1.4%.
  • Eldorado Gold (EGO) gained 1%.
  • Goldcorp (GG) climbed 2.5%.
  • Kinross Gold (KGC) moved up 1.8%.
  • Newmont Mining (NEM) advanced 2%.
  • NovaGold Resources (NG) fell 1%.
  • Yamana Gold (AUY) added 1.5%.

Silver mining shares advanced during the day.

  • Coeur d’Alene Mines (CDE) rose 2.5%.
  • Hecla Mining (HL) added 1.3%.
  • Pan American Silver (PAAS) gained 3%.
  • Silver Wheaton (SLW) increased 2.3%.
  • Silver Standard Resources (SSRI) climbed 3.4%.

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/2014/01/gold-sinks-stronger-consumer-confidence/.

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