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Gold Slips As European Morale Improves

Gold fell, silver rose and miners tumbled


Gold Silver GLD IAU SLVA report from the European Commission that showed rising morale among European consumers, coupled with continued signs of economic improvement in Asia, sent gold down slightly in Wednesday trading.

Gold futures for February delivery declined 0.4% to $1,686.70 on Wednesday, according to CME Group. Gold traded as high as $1,694.80 and as low as $1,683.10. Gold bullion closed in London at $1,688, according to BullionVault.

The Case for Gold Bugs
The Case for Gold Bugs

Silver futures for February delivery rose 0.7% to $32.41 per ounce. Wednesday’s high for silver was $32.43 an ounce, while the low was $32.11.

Gold and silver funds mostly dropped in Wednesday trading.

  • The SPDR Gold Trust (NYSE:GLD) fell 0.3%.
  • The iShares Gold Trust (NYSE:IAU) also slipped 0.4%.
  • The iShares Silver Trust (NYSE:SLV) climbed 0.2%.

Gold and silver mining ETFs declined during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) tumbled 2.8%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) dropped 2.1%.
  • The Global X Silver Miners ETF (NYSE:SIL) sank 1.7%.

Gold mining shares moved down, with Kinross Gold (NYSE:KGC) falling the hardest.

  • Agnico-Eagle Mines (NYSE:AEM) declined 2.7%.
  • Barrick Gold (NYSE:ABX) fell 2.1%.
  • Eldorado Gold (NYSE:EGO) slid 2.2%.
  • Goldcorp (NYSE:GG) dropped 2.7%.
  • Kinross Gold tumbled 3.9%.
  • Newmont Mining (NYSE:NEM) declined 1.8%.
  • NovaGold Resources (AMEX:NG) sank 3.2%.
  • Yamana Gold (NYSE:AUY) moved down 2.7%.

Silver mining shares also moved lower on Wednesday.

  • Coeur d’Alene Mines (NYSE:CDE) slipped 0.5%.
  • Hecla Mining (NYSE:HL) fell 1.9%.
  • Pan American Silver (NASDAQ:PAAS) retreated 1.6%.
  • Silver Wheaton (NYSE:SLW) sank 2%.
  • Silver Standard Resources (NASDAQ:SSRI) dropped 2%.

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,

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