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Mon, September 21 at 4:00PM ET

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

Gold and silver futures fell, while mining stocks were mixed

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.

7 Metals and Mining Stocks to Sell Now
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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.

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