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Gold Sinks Ahead of Bernanke Testimony

Mining stocks gave back some of yesterday's gains


Gold Silver GLD IAU SLVGold slipped in Tuesday trading, pressured by a rising U.S. dollar. Investors awaited testimony by Federal Reserve Chairman Ben Bernanke before the U.S. Congress Joint Economic Committee on Wednesday for clues about how long the Fed will continue economic stimulus efforts.

Gold futures for June delivery fell 0.5% to $1,377.60 per ounce on Tuesday, according to CME Group. Gold traded as high as $1,399.90 and as low as $1,358. Gold bullion closed in London at $1,377, 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 dropped 0.6% to $22.43 per ounce. Tuesday’s high for silver was $22.85 while the low was $22.05.

Gold and silver funds pulled back in Tuesday trading.

  • The SPDR Gold Trust (GLD) slid 1.7%.
  • The iShares Gold Trust (IAU) dropped 1.6%.
  • The iShares Silver Trust (SLV) also declined 1.6%.

Gold and silver mining ETFs retreated during the day.

  • The Market Vectors Gold Miners ETF (GDX) slumped 2.6%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) sank 3.8%.
  • The Global X Silver Miners ETF (SIL) moved down 1.6%.

Gold mining shares closed lower on Tuesday.

  • Agnico-Eagle Mines (AEM) fell 3.7%.
  • Barrick Gold (ABX) slipped 2.8%.
  • Eldorado Gold (EGO) tumbled 5.4%.
  • Goldcorp (GG) declined 2.4%.
  • Kinross Gold (KGC) sank 3.4%.
  • Newmont Mining (NEM) dipped 1.1%.
  • NovaGold Resources (NG) slumped 1.8%.
  • Yamana Gold (AUY) dropped 4.8%.

Silver mining shares sank during the day.

  • Coeur d’Alene Mines (CDE) declined 3.1%.
  • Hecla Mining (HL) dipped 0.3%.
  • Pan American Silver (PAAS) dove 4.1%.
  • Silver Wheaton (SLW) declined 3%.
  • Silver Standard Resources (SSRI) moved down 2.9%.

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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