Global Economic Worries Send Gold Lower
by Christopher Freeburn | November 15, 2012 4:30 pm
[1]Gold dropped to its lowest level in a week on Thursday as investor concerns grew over a new recession in Europe[2], slackening demand for gold in China and the political wrangling over the U.S. fiscal cliff.
Gold futures for December delivery dropped to $1,714 on Thursday, according to CME Group[3]. Gold traded as high as $1,727.90 and as low as $1,704.50. Gold bullion closed in London at $1,717, according to BullionVault[4].
Silver futures for December delivery dipped to $32.67 per ounce. Thursday’s high for silver was $32.78, while the low was $32.15.
Gold and silver funds moved down in Thursday trading.
- The SPDR Gold Trust (NYSE:GLD[5]) slid 0.6%.
- The iShares Gold Trust (NYSE:IAU[6]) fell 0.6%.
- The iShares Silver Trust (NYSE:SLV[7]) edged lower 0.3%.
Gold and silver mining ETFs retreated during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[8]) declined 2.6%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[9]) dropped 4.1%.
- The Global X Silver Miners ETF (NYSE:SIL[10]) dipped 2.1%.
Gold mining shares mostly fell on Thursday, but NovaGold Resources
(NYSE:NG[11]) broke the ranks and rose.
- Agnico-Eagle Mines (NYSE:AEM[12]) sank 5%.
- Barrick Gold (NYSE:ABX[13]) fell 2%.
- Eldorado Gold (NYSE:EGO[14]) slid 2.7%.
- Goldcorp (NYSE:GG[15]) dropped 3.3%.
- Kinross Gold (NYSE:KGC[16]) dipped 2.54%.
- Newmont Mining (NYSE:NEM[17]) inched down 0.6%.
- NovaGold Resources gained 3.3%.
- Yamana Gold (NYSE:AUY[18]) slipped 3%.
Silver mining shares also fell on Thursday.
- Coeur d’Alene Mines (NYSE:CDE[19]) sank 2.1%.
- Hecla Mining (NYSE:HL[20]) declined 3.1%.
- Pan American Silver (NASDAQ:PAAS[21]) dipped 1.5%.
- Silver Wheaton (NYSE:SLW[22]) dropped 3.1%.
- Silver Standard Resources (NASDAQ:SSRI[23]) moved down 3.5%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[24] contributed to this report.
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- a new recession in Europe: https://investorplace.com/2012/11/eurozone-slips-into-recession-again/
- CME Group: http://www.cmegroup.com
- BullionVault: http://www.bullionvault.com
- GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
- IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
- SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
- GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
- GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
- SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
- HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
- PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
- SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
- SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
- BullionVault: http://www.bullionvault.com/
Source URL: https://investorplace.com/2012/11/global-economic-worries-send-gold-lower/