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Gold Drops on Bernanke Remarks

But mining stocks mostly advanced


Gold Silver GLD IAU SLVComments by Federal Reserve Chairman Ben Bernanke hinting at a possible draw down of the Fed’s economic stimulus efforts in coming months sent gold lower in Wednesday trading. In testimony before Congress, Bernanke said the Fed would continue bond-buying for the time being, but could reduce that activity if the economy showed continued improvement.

Gold futures for June delivery sank 0.7% to $1,367.40 per ounce on Wednesday, according to CME Group. Gold traded as high as $1,413.30 and as low as $1,353.10. Gold bullion closed in London at $1,364, according to BullionVault.

Gold Changes Its Stripes, Favoring the Bulls for a Change
Gold Changes Its Stripes, Favoring the Bulls for a Change

Silver futures for June delivery edged up 0.1% to $22.46 per ounce. Wednesday’s high for silver was $23.18 while the low was $22.22.

Gold and silver funds declined in Wednesday trading.

  • The SPDR Gold Trust (GLD) fell 0.7%.
  • The iShares Gold Trust (IAU) sank 0.8%.
  • The iShares Silver Trust (SLV) edged down 0.5%.

Gold and silver mining ETFs improved during the day.

  • The Market Vectors Gold Miners ETF (GDX) gained 1.2%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) climbed 1.7%.
  • The Global X Silver Miners ETF (SIL) rose 0.5%.

Gold mining shares mostly advanced on Wednesday.

  • Agnico-Eagle Mines (AEM) added 2.2%.
  • Barrick Gold (ABX) inched up 0.6%.
  • Eldorado Gold (EGO) climbed 3%.
  • Goldcorp (GG) rose 2%.
  • Kinross Gold (KGC) surged 3.8%.
  • Newmont Mining (NEM) was flat.
  • NovaGold Resources (NG) was also unchanged.
  • Yamana Gold (AUY) increased 0.9%.

Silver mining shares mostly gained during the day.

  • Coeur d’Alene Mines (CDE) slid 1.1%.
  • Hecla Mining (HL) improved 0.3%.
  • Pan American Silver (PAAS) gained 0.8%.
  • Silver Wheaton (SLW) climbed 2.4%.
  • Silver Standard Resources (SSRI) also rose 2.4%.

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,

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