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Gold Drops on Profit Taking, Posts Gain for Week

Metals sink, and miners drop off along with them

By Christopher Freeburn, InvestorPlace Writer

http://invstplc.com/1nvF1kr

Gold Silver GLD IAU SLVGold fell sharply in Friday trading as investors cashed out profits from the post-Fed price surge. Despite the fall, the precious metal still closed out the week up 1.8%.

Gold futures for December delivery dropped 2.7% to $1,332.50 per ounce on Friday, according to CME Group. Gold traded as high as $1,368.40 and as low as $1,327.20. Gold bullion closed in London at $1,328, according to BullionVault.

Does QE Really Matter for Gold?
Does QE Really Matter for Gold?

Silver futures for December delivery slid 5.9%to $21.93 per ounce. Friday’s high for silver was $23.18, while the low was $21.78.

Gold and silver funds sank in Friday trading.

  • The SPDR Gold Shares (GLD) fell 2.9%.
  • The iShares Gold Trust (IAU) also dropped 2.9%.
  • The iShares Silver Trust (SLV) tumbled 5.4%.

Gold and silver mining ETFs declined sharply during the day.

  • The Market Vectors Gold Miners ETF (GDX) dropped 6.1%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) plunged 9.1%.
  • The Global X Silver Miners ETF (SIL) sank 6.4%.

Gold mining shares pulled back on Friday.

  • Agnico-Eagle Mines (AEM) fell 6.6%.
  • Barrick Gold (ABX) moved down 4.3%.
  • Eldorado Gold (EGO) tumbled 9%.
  • Goldcorp (GG) dropped 5.5%.
  • Kinross Gold (KGC) slid 6.5%.
  • Newmont Mining (NEM) declined 5.7%.
  • NovaGold Resources (NG) plunged 8.9%.
  • Yamana Gold (AUY) decreased 6.8%.

Silver mining shares retreated during the day.

  • Coeur d’Alene Mines (CDE) dropped 7.4%.
  • Hecla Mining (HL) fell 6%.
  • Pan American Silver (PAAS) declined 5.8%.
  • Silver Wheaton (SLW) sank 6.3%.
  • Silver Standard Resources (SSRI) dipped 3%.

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, https://investorplace.com/2013/09/gold-drops-on-profit-taking-posts-gain-for-week/.

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