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Gold Drops on Deflation Concerns, Flood of Stop-Loss Orders


Gold Silver GLD IAU SLVGold dropped sharply on Wednesday as the U.S. dollar rose, oil declined and the possibility of deflation in Europe and the U.S. prompted a flood of stop-loss orders from worried investors.

Gold futures for December delivery dropped to $1,718.60 on Wednesday, according to CME Group. Gold traded as high as $1,743.10 and as low as $1,705.50. Gold bullion closed in London at $1,722, according to BullionVault.

Silver futures for December delivery fell to $33.71 per ounce. Wednesday’s high for silver was $34.04, while the low was $32.90.

Gold and silver funds decline in Wednesday trading.

  • The SPDR Gold Trust (NYSE:GLD) dropped 1.3%.
  • The iShares Gold Trust (NYSE:IAU) also fell 1.3%.
  • The iShares Silver Trust (NYSE:SLV) slid 0.9%.

Gold and silver mining ETFs were mixed during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) rose 0.9%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) dipped 0.5%.
  • The Global X Silver Miners ETF (NYSE:SIL) fell 0.5%.

Gold mining shares mostly rose on Wednesday, with Barrick Gold (NYSE:ABX) rising highest.

  • Agnico-Eagle Mines (NYSE:AEM) rose 1.1%.
  • Barrick Gold gained 1.4%.
  • Eldorado Gold (NYSE:EGO) dipped 0.9%.
  • Goldcorp (NYSE:GG) increased 1.2%.
  • Kinross Gold (NYSE:KGC) gained 0.9%.
  • Newmont Mining (NYSE:NEM) improved 0.7%.
  • NovaGold Resources (NYSE:NG) was flat.
  • Yamana Gold (NYSE:AUY) climbed 1.3%.

Silver mining shares were mixed on Wednesday.

  • Coeur d’Alene Mines (NYSE:CDE) advanced 2.3%.
  • Hecla Mining (NYSE:HL) gained 1%.
  • Pan American Silver (NASDAQ:PAAS) slipped 0.7%.
  • Silver Wheaton (NYSE:SLW) increased 0.5%.
  • Silver Standard Resources (NASDAQ:SSRI) plunged 4%.

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, https://investorplace.com/2012/11/gold-drops-on-deflation-concerns-flood-of-stop-loss-orders/.

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