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Gold Gains on Summers Fed Withdrawal

Gold and silver ETFs declined, however, as did mining funds


Gold Silver GLD IAU SLVGold climbed modestly in Monday trading, a day after former Treasury Secretary Larry Summers withdrew his name from consideration to become the next chairman of the U.S. Federal Reserve over the weekend.

Summers had been considered the leading candidate to succeed outgoing Fed Chairman Ben Bernanke, whose term expires in January. Summers was seen as more likely to accelerate the end of the Fed’s monthly bond-buying than other candidates. The U.S. dollar slipped, and equities markets rose on the news.

A Golden Opportunity in GLD
A Golden Opportunity in GLD

Gold futures for December delivery gained 0.7% to $1,317.80 per ounce on Monday, according to CME Group. Gold traded as high as $1,336 and as low as $1,307.20. Gold bullion closed in London at $1,312, according to BullionVault.

Silver futures for December delivery advanced 1.3% to $22.01 per ounce. Monday’s high for silver was $22.49, while the low was $21.69.

Gold and silver funds declined in Monday trading.

  • The SPDR Gold Shares (GLD) fell 1.1%.
  • The iShares Gold Trust (IAU) slipped 1%.
  • The iShares Silver Trust (SLV) sank 2.2%.

Gold and silver mining ETFs retreated during the day.

  • The Market Vectors Gold Miners ETF (GDX) dipped 0.9%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) fell 1%.
  • The Global X Silver Miners ETF (SIL) dropped 3.3%.

Gold mining shares were mixed on Monday.

  • Agnico-Eagle Mines (AEM) slipped 0.8%.
  • Barrick Gold (ABX) added 2.4%.
  • Eldorado Gold (EGO) rose 0.9%.
  • Goldcorp (GG) fell 1.6%.
  • Kinross Gold (KGC) ticked up 0.2%.
  • Newmont Mining (NEM) declined 0.3%.
  • NovaGold Resources (NG) plunged 6.6%.
  • Yamana Gold (AUY) decreased 1.2%.

Silver mining shares pulled back during the day.

  • Coeur d’Alene Mines (CDE) fell 1.9%.
  • Hecla Mining (HL) declined 1.3%.
  • Pan American Silver (PAAS) waned 1.3%.
  • Silver Wheaton (SLW) dropped 2.1%.
  • Silver Standard Resources (SSRI) tumbled 6.6%.

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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