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

by Christopher Freeburn | April 15, 2014 4:52 pm

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[1]) and Silver Standard Resources (SSRI[2]) falling especially hard.

Gold futures for June delivery dove 2.1% to $1,300.30 per ounce on Tuesday, according to CME Group[3]. 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[4].

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

Gold and Silver Mining ETFs

Gold Miners

Silver Miners

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[22] contributed to this report.

Endnotes:
  1. NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
  2. SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
  3. CME Group: http://www.cmegroup.com
  4. BullionVault: http://www.bullionvault.com
  5. GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
  6. IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
  7. SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
  8. GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
  9. GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
  10. SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
  11. AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
  12. ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
  13. EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
  14. GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
  15. KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
  16. NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
  17. AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
  18. CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
  19. HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
  20. PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
  21. SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
  22. BullionVault: http://www.bullionvault.com/

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