Gold Jumps On Global Economic Concerns

Silver also gained, while miners mostly advanced

   

Gold Jumps On Global Economic Concerns

PreciousMetalsRecap Gold Jumps On Global Economic ConcernsGold climbed sharply in Monday trading as investors contemplated additional evidence of a cooling economy in China and Ukraine’s appeal for Western aide.

The metal’s safe haven appeal was bolstered by data showing that new home prices in major Chinese cities rose less sharply year-over-year in January compared to December, the first monthly ease in the rise Chinese home prices in more than a year. In Eurasia, Ukraine’s interim government asked for urgent financial assistance to prevent an economic calamity. Over the weekend, Ukraine ousted the pro-Russian government of Viktor Yanukovich, potentially raising Moscow’s ire.

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Will Gold Become Worthless?

Gold futures for April delivery gained 1.1% to $1,338 per ounce on Monday, according to CME Group. Gold traded as high as $1,339 and as low as $1,318.70. Bullion closed in London at $1,337, according to BullionVault.

Silver futures for March delivery increased 1.2% to $22.05 per ounce. Friday’s high for silver was $22.18, while the low was $21.52.

Metal funds improved on Monday.

  • The SPDR Gold Shares (GLD) rose 1.1%.
  • The iShares Gold Trust (IAU) added 1%.
  • The iShares Silver Trust (SLV) moved up 1%.

Mining ETFs were mostly higher during the day.

  • The Market Vectors Gold Miners ETF (GDX) added 0.6%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) climbed 2%.
  • The Global X Silver Miners ETF (SIL) slipped 0.2%.

Gold stocks mostly gained on Monday.

  • Agnico-Eagle Mines (AEM) inched up 0.1%.
  • Barrick Gold (ABX) rose 1.3%.
  • Eldorado Gold (EGO) fell 2%.
  • Goldcorp (GG) edged up 0.1%.
  • Kinross Gold (KGC) added 0.6%.
  • Newmont Mining (NEM) climbed 1.2%.
  • NovaGold Resources (NG) increased 1.4%.
  • Yamana Gold (AUY) sank 0.6%.

Silver mining shares mostly advanced during the day.

  • Coeur d’Alene Mines (CDE) dipped 0.1%.
  • Hecla Mining (HL) slid 0.8%.
  • Pan American Silver (PAAS) increased 0.6%.
  • Silver Wheaton (SLW) was flat.
  • Silver Standard Resources (SSRI) climbed 2.6%.

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/2014/02/gold-jumps-global-economic-concerns/.

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