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Gold Sinks on Stronger U.S. Consumer Confidence

Silver fell, but mining stocks mostly gained


Gold Silver GLD IAU SLVGold 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.

Gold Prices Start 2014 on the Right Foot, But Don’t Get Used to It
Gold Prices Start 2014 on the Right Foot, But Don’t Get Used to It

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,

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