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Gold Tumbles on Job Data, Fed Expectations

Silver also retreated, and mining stocks sank


Gold Silver GLD IAU SLVBetter-than-expected first time unemployment benefit claims last week sent gold down sharply in Thursday trading. Investors interpreted signs of an improving job market as a signal that the Federal Reserve could begin tapering its monthly bond buying in the short term.

Gold futures for December delivery dropped 2.4% to $1,330.60 per ounce on Thursday, according to CME Group. Gold traded as high as $1,366.20 and as low as $1,325.60. Gold bullion closed in London at $1,328, according to BullionVault.

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

Silver futures for December delivery plunged 4.4% to $22.15 per ounce. Thursday’s high for silver was $23.27, while the low was $22.06.

Gold and silver funds sank in Thursday trading.

  • The SPDR Gold Shares (GLD) fell 3.1%.
  • The iShares Gold Trust (IAU) dropped 3%.
  • The iShares Silver Trust (SLV) tumbled 5.6%.

Gold and silver mining ETFs retreated during the day.

  • The Market Vectors Gold Miners ETF (GDX) slid 5.8%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) plummeted 7.1%.
  • The Global X Silver Miners ETF (SIL) plunged 5.2%.

Gold mining shares dropped sharply on Thursday.

  • Agnico-Eagle Mines (AEM) declined 5.6%.
  • Barrick Gold (ABX) decreased 5.5%.
  • Eldorado Gold (EGO) plunged 7.7%.
  • Goldcorp (GG) fell 6.5%.
  • Kinross Gold (KGC) sank 5.9%.
  • Newmont Mining (NEM) moved down 4.2%.
  • NovaGold Resources (NG) waned 2.2%.
  • Yamana Gold (AUY) slid 4.6%.

Silver mining shares pulled back during the day.

  • Coeur d’Alene Mines (CDE) sank 4.5%.
  • Hecla Mining (HL) dropped 5.1%.
  • Pan American Silver (PAAS) fell 4.7%.
  • Silver Wheaton (SLW) declined 5.2%.
  • Silver Standard Resources (SSRI) plunged 7.9%.

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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