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Gold Falls, and Miners Fall Harder Tuesday

Hecla Mining, Silver Standard among the biggest losers

By Angela Nazworth, InvestorPlace Writer Jul 10, 2012, 5:44 pm EST

Gold Silver GLD IAU SLVGold and silver prices dipped Tuesday amid news of progress on Spain’s latest bank recapitalization efforts, while miners strongly followed the equity markets south.

Gold futures dipped 0.58% during Tuesday’s trading, with a final bid of $1,579.80 per ounce, according to CME Group data. Gold reached a high of $1,602 and a low of $1,573.

Silver futures finished the day down 2% with a final bid of $26.85. Tuesday’s high for silver prices reached $27.51, and the low was $26.75.

Gold bullion ended at $1,572 per ounce for Tuesday’s trading session in London, according to BullionVault.

Gold and silver trusts experienced moderate losses Tuesday.

  • The SPDR Gold Trust (NYSE:GLD) ticked down about 1.2%.
  • The iShares Gold Trust (NYSE:IAU) was about 1.3% lower.
  • The iShares Silver Trust (NYSE:SLV) dipped about 1.7%.

Movement in gold and silver mining ETFs was strongly negative, especially among gold miners.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) fell around 3.1%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) sharply fell about 4%.
  • The Global X Silver Miners ETF (NYSE:SIL) was about 1.7% lower.

Gold mining shares showed significant losses across the board Tuesday.

  • Agnico-Eagle Mines (NYSE:AEM) dropped about 4.1%.
  • Barrick Gold (NYSE:ABX) was down about 2.7%. 
  • Eldorado Gold (NYSE:EGO) showed losses of around 5.5%.
  • Goldcorp (NYSE:GG) was down 2.3%.
  • Kinross Gold (NYSE:KGC) plummeted 4.8%.
  • Newmont Mining (NYSE:NEM) showed losses of 2.7%.
  • NovaGold Resources (AMEX:NG) was down 3.7%.
  • Yamana Gold (NYSE:AUY) was about 2.3% lower.

Most silver mining shares also slid heavily Thursday.

  • Coeur d’Alene Mines (NYSE:CDE) slid about 5.2%.
  • Hecla Mining (NYSE:HL) dropped about 5.5%.
  • Pan American Silver (NASDAQ:PAAS) showed sharp losses of around 3.5%.
  • Silver Wheaton (NYSE:SLW) dipped around 4.4%.
  • Silver Standard Resources (NASDAQ:SSRI) was down about 6.3%.

As of this writing, Angela Nazworth did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.

Industrial, Precious Metals

Article printed from InvestorPlace Media, https://investorplace.com/2012/07/gold-falls-and-miners-fall-harder-tuesday/.

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