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Gold Slides As U.S. Dollar Rebounds

Mining stocks declined across the board


Gold Silver GLD IAU SLVThe euro fell sharply against the U.S. dollar in Thursday trading after the European Central Bank cut a key interest rate. The surging dollar pressured gold, which sank modestly during the session, giving back almost all of yesterday’s gain.

Coeur d’Alene Mines (CDE) led a down day for silver miners, falling sharply after it reported quarterly results that missed Wall Street expectations.

Gold Mining Stocks Look Bad – Here’s Why
Gold Mining Stocks Look Bad – Here’s Why

Gold futures for December delivery slid 0.7% to $1,308.50 per ounce on Thursday, according to CME Group. Gold traded as high as $1,326 and as low as $1,296. Bullion closed in London at $1,309, according to BullionVault.

Silver futures for December moved down 0.5% to $21.66 per ounce. Thursday’s high for silver was $22.02, while the low was $21.38.

Metal funds sank in Thursday trading.

  • The SPDR Gold Shares (GLD) decreased 0.8%.
  • The iShares Gold Trust (IAU) slipped 0.8%.
  • The iShares Silver Trust (SLV) fell 0.8%.

Mining ETFs moved lower during the day.

  • The Market Vectors Gold Miners ETF (GDX) declined 2.6%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) dropped 3.9%.
  • The Global X Silver Miners ETF (SIL) sank 2.8%.

Gold stocks pulled back on Thursday.

  • Agnico-Eagle Mines (AEM) fell 1.9%.
  • Barrick Gold (ABX) dipped 0.8%.
  • Eldorado Gold (EGO) plunged 5.4%.
  • Goldcorp (GG) dropped 3%.
  • Kinross Gold (KGC) sank 3.3%.
  • Newmont Mining (NEM) slid 2.1%.
  • NovaGold Resources (NG) tumbled 5%.
  • Yamana Gold (AUY) declined 3.2%.

Silver mining shares retreated during the day.

  • Coeur d’Alene Mines plummeted 9.8%.
  • Hecla Mining (HL) fell 2.3%.
  • Pan American Silver (PAAS) dropped 3.6%.
  • Silver Wheaton (SLW) slid 3.4%.
  • Silver Standard Resources (SSRI) dipped 1.1%.

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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