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Gold Flat After Obama’s Syria Address

Silver gained and mining stocks mostly advanced


Gold Silver GLD IAU SLV U.S. President Barack Obama’s televised speech Tuesday night appeared to indefinitely delay any American military action against the regime of Syrian dictator Bashar al-Assad and left gold virtually unchanged in Wednesday trading.

Gold futures for December delivery dipped 20 cents to $1,363.80 per ounce on Wednesday, according to CME Group. Gold traded as high as $1,368.70 and as low as $1,356. Gold bullion closed in London at $1,365, according to BullionVault.

Gold’s Bad and Silver’s Worse, But …
Gold’s Bad and Silver’s Worse, But …

Silver futures for December delivery rose 0.7% to $23.17 per ounce. Wednesday’s high for silver was $23.25, while the low was $22.79.

Gold and silver funds were mostly flat in Wednesday trading.

  • The SPDR Gold Shares (GLD) were flat.
  • The iShares Gold Trust (IAU) was unchanged.
  • The iShares Silver Trust (SLV) climbed 0.7%.

Gold and silver mining ETFs advanced during the day.

  • The Market Vectors Gold Miners ETF (GDX) rose 1%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) moved up 0.5%.
  • The Global X Silver Miners ETF (SIL) added 0.8%.

Gold mining shares mostly gained on Wednesday.

  • Agnico-Eagle Mines (AEM) dipped 0.1%.
  • Barrick Gold (ABX) rose 1.1%.
  • Eldorado Gold (EGO) was flat.
  • Goldcorp (GG) gained 2%.
  • Kinross Gold (KGC) added 1.5%.
  • Newmont Mining (NEM) increased 0.9%.
  • NovaGold Resources (NG) moved up 0.7%.
  • Yamana Gold (AUY) climbed 1.2%.

Silver mining shares were mostly higher during the day.

  • Coeur d’Alene Mines (CDE) slid 1.7%.
  • Hecla Mining (HL) rose 1.9%.
  • Pan American Silver (PAAS) added 1%.
  • Silver Wheaton (SLW) climbed 2.3%.
  • Silver Standard Resources (SSRI) edged up 0.3%.

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,

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