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Gold Stalls Despite Syrian Uncertainty

Gold and silver pulled back and mining stocks followed


Gold Silver GLD IAU SLVAfter surging sharply yesterday, gold futures vacillated in a relatively narrow range during Wednesday trading, ultimately settling with a slight loss for the session.

The metal jumped on Tuesday after White House officials signaled that some sort of American-led military action against Syria was imminent. However, reports circulated on Wednesday that any U.S. missile strikes would likely last no more than three days and target a only limited number of Syrian military installations.

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The alleged use of chemical weapons by embattled Syrian dictator Bashar al-Assad’s forces against rebels has ignited rising global tensions as the U.S. and Western nations call for punitive action, while Syrian allies Russia and China warn of regional repercussions.

Gold futures for December delivery dipped 0.1% to $1,418.80 per ounce on Wednesday, according to CME Group. Gold traded as high as $1,434 and as low as $1,413.20. Gold bullion closed in London at $1,415, according to BullionVault.

Silver futures for December delivery fell 1.1% to $24.44 per ounce. Wednesday’s high for silver was $25.16, while the low was $24.27.

Gold and silver funds trended lower in Wednesday trading.

  • The SPDR Gold Trust (GLD) was flat.
  • The iShares Gold Trust (IAU) was also unchanged.
  • The iShares Silver Trust (SLV) fell 0.8%.

Gold and silver mining ETFs sank during the day.

  • The Market Vectors Gold Miners ETF (GDX) slid 2.9%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) declined 1.4%.
  • The Global X Silver Miners ETF (SIL) fell 1.9%.

Gold mining shares faded on Wednesday.

  • Agnico-Eagle Mines (AEM) slipped 1.4%.
  • Barrick Gold (ABX) fell 1.7%.
  • Eldorado Gold (EGO) dropped 3.1%.
  • Goldcorp (GG) sank 1.4%.
  • Kinross Gold (KGC) declined 2.5%.
  • Newmont Mining (NEM) slid 2.4%.
  • NovaGold Resources (NG) tumbled 5.9%.
  • Yamana Gold (AUY) slumped 2.2%.

Silver mining shares retreated during the day.

  • Coeur d’Alene Mines (CDE) fell 3.4%.
  • Hecla Mining (HL) slid 3.8%.
  • Pan American Silver (PAAS) declined 2.7%.
  • Silver Wheaton (SLW) pulled back 2%.
  • Silver Standard Resources (SSRI) dropped 5.8%.

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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