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Gold Drops Amid Dow Jones’ Jump

Mining stocks tumbled across the board


Gold Silver GLD IAU SLVGold sank in Tuesday trading as U.S. stock indices soared to new record highs. A combination of good economic news and strong corporate earnings propelled the Dow Jones Industrial Average to close over 15000 for the first time ever, while the S&P 500 closed at a new high for the fourth straight session.

Gold futures for June delivery fell 1.3% to $1,448.80 per ounce on Tuesday, according to CME Group. Gold traded as high as $1,470 and as low as $1,440.40. Gold bullion closed in London at $1,455, according to BullionVault.

Send These 2 Gold Miners Packing
Send These 2 Gold Miners Packing

Silver futures for June delivery declined 0.6% to $23.79 per ounce. Tuesday’s high for silver was $23.98, while the low was $23.41.

Gold and silver funds were retreated in Tuesday trading.

  • The SPDR Gold Trust (NYSE:GLD) slid 1.2%.
  • The iShares Gold Trust (NYSE:IAU) sank 1.3%.
  • The iShares Silver Trust (NYSE:SLV) dipped 0.3%.

Gold and silver mining ETFs declined during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) dropped 3%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) tumbled 4.6%.
  • The Global X Silver Miners ETF (NYSE:SIL) fell 1.8%.

Gold mining shares pulled back on Tuesday.

  • Agnico-Eagle Mines (NYSE:AEM) moved down 3%.
  • Barrick Gold (NYSE:ABX) slumped 3%.
  • Eldorado Gold (NYSE:EGO) dropped 2.9%.
  • Goldcorp (NYSE:GG) fell 1.5%.
  • Kinross Gold (NYSE:KGC) slipped 0.8%.
  • Newmont Mining (NYSE:NEM) declined 1.9%.
  • NovaGold Resources (AMEX:NG) sank 2.5%.
  • Yamana Gold (NYSE:AUY) slid 2.7%.

Silver mining shares sank.

  • Coeur d’Alene Mines (NYSE:CDE) slumped 3.8%.
  • Hecla Mining (NYSE:HL) tumbled 4.1%.
  • Pan American Silver (NASDAQ:PAAS) fell 2.2%.
  • Silver Wheaton (NYSE:SLW) dropped 2.5%.
  • Silver Standard Resources (NASDAQ:SSRI) retreated 3.5%.

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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