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Gold Sinks on Strong U.S. Home Sales

Gold and silver miners fell along with the metals


Gold Silver GLD IAU SLVA report from the Commerce Department showing better-than-expected U.S. sales of single family homes in June sent the U.S. dollar up and gold down in Wednesday trading.

Gold futures for August delivery dropped 1.1% to $1,319.70 per ounce on Wednesday, according to CME Group. Gold traded as high as $1,348.70 and as low as $1,312.70. Gold bullion closed in London at $1,323, according to BullionVault.

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Silver futures for August delivery also slid 1.1% to $20.01 per ounce. Wednesday’s high for silver was $20.44, while the low was $19.98.

Gold and silver funds declined in Wednesday trading.

  • The SPDR Gold Trust (GLD) fell 1.7%.
  • The iShares Gold Trust (IAU) slid 1.8%.
  • The iShares Silver Trust (SLV) moved down 1.6%.

Gold and silver mining ETFs skidded during the day.

  • The Market Vectors Gold Miners ETF (GDX) sank 4.9%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) tumbled 5.5%.
  • The Global X Silver Miners ETF (SIL) declined 4%.

Gold mining shares sank on Wednesday.

  • Agnico-Eagle Mines (AEM) tumbled 6.7%.
  • Barrick Gold (ABX) fell 5.1%.
  • Eldorado Gold (EGO) slid 5.4%.
  • Goldcorp (GG) declined 4.9%.
  • Kinross Gold (KGC) slumped 5.5%.
  • Newmont Mining (NEM) moved down 4.9%.
  • NovaGold Resources (NG) rose 0.7%.
  • Yamana Gold (AUY) dropped 5.4%.

Silver mining shares retreated during the day.

  • Coeur d’Alene Mines (CDE) slipped 4%.
  • Hecla Mining (HL) declined 3.6%.
  • Pan American Silver (PAAS) fell 4.5%.
  • Silver Wheaton (SLW) moved down 3.5%.
  • Silver Standard Resources (SSRI) lost 4.8%.

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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