Gold and Silver Report: SSRI, NG Stock Tumble as Gold Plunges

But the metal settled above the critical $1,300 per ounce level

   

Gold and Silver Report: SSRI, NG Stock Tumble as Gold Plunges

Gold dropped sharply in Tuesday trading after a report on U.S. consumer prices ignited investor worries that higher inflation might prompt the Federal Reserve to accelerate the tapering of its economic stimulus. The Labor Department said that its consumer price index climbed 0.2% last month, exceeding the 0.1% gain predicted by economists. Gold posted its largest drop since December.

PreciousMetalsRecap Gold and Silver Report: SSRI, NG Stock Tumble as Gold PlungesMining stocks sank across the board with NovaGold Resources (NG) and Silver Standard Resources (SSRI) falling especially hard.

11103054 gold bullion 200x200 Gold and Silver Report: SSRI, NG Stock Tumble as Gold Plunges
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Gold futures for June delivery dove 2.1% to $1,300.30 per ounce on Tuesday, according to CME Group. Gold prices were as high as $1,328.40 and as low as $1,284.40. Bullion closed in London at $1,304, according to BullionVault.

Silver futures for May delivery fell 2.6% to settle at $19.49 per ounce. Tuesday’s high for silver was $20.00, while the low was $19.22.

Here’s how metal-based funds and mining stocks fared Tuesday:

Gold and Silver Funds

  • The SPDR Gold Shares (GLD) fell 1.8%.
  • The iShares Gold Trust (IAU) decreased 1.9%.
  • The iShares Silver Trust (SLV) slid 1.8%.

Gold and Silver Mining ETFs

  • The Market Vectors Gold Miners ETF (GDX) fell 2.1%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) dropped 3.8%.
  • The Global X Silver Miners ETF (SIL) slipped 2.5%.

Gold Miners

  • Agnico-Eagle Mines (AEM) sank 3.4%.
  • Barrick Gold (ABX) slipped 1.5%.
  • Eldorado Gold (EGO) dropped 4%.
  • Goldcorp (GG) slid 2.2%.
  • Kinross Gold (KGC) dipped 1%.
  • Newmont Mining (NEM) fell 2.3%.
  • NG stock tumbled 4.1%.
  • Yamana Gold (AUY) faded 2.2%.

Silver Miners

  • Coeur d’Alene Mines (CDE) fell 2.3%.
  • Hecla Mining (HL) slipped 1.6%.
  • Pan American Silver (PAAS) dipped 0.5%.
  • Silver Wheaton (SLW) waned 1.2%.
  • SSRI dropped 4.7%.

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/2014/04/gold-and-silver-report-ssri-ng-stock/.

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