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Gold Drops Amid November Retail Sales Gain

Silver tumbled and miners mostly sank


Gold Silver GLD IAU SLVGold fell in Thursday trading after the government reported better-than-expected U.S. retail sales in November. The news sent the U.S. dollar climbing against other currencies.

The Commerce Department said that retail sales grew 0.7% last month, outpacing economists’ forecasts and suggesting a strengthening economy. The improving economic news added weight to growing speculation that the Federal Reserve could begin tapering its monthly stimulus as early as this month.

Gold Outlook 2014: Look Out Below!
Gold Outlook 2014: Look Out Below!

Gold futures for February slid 2.6% to $1,224.90 per ounce on Thursday, according to CME Group. Gold traded as high as $1,256.50 and as low as $1,222.60. Bullion closed in London at $1,229, according to BullionVault.

Silver futures for March delivery tumbled 4.4%, to $19.45 per ounce. Thursday’s high for silver was $20.35, while the low was $19.41.

Metal funds sank on Thursday.

  • The SPDR Gold Shares (GLD) slipped 2.1%.
  • The iShares Gold Trust (IAU) also fell 2.1%.
  • The iShares Silver Trust (SLV) dropped 3.8%.

Mining ETFs faded during the day.

  • The Market Vectors Gold Miners ETF (GDX) decreased 0.9%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) dipped 0.6%.
  • The Global X Silver Miners ETF (SIL) retreated 1.6%.

Gold stocks mostly declined on Thursday.

  • Agnico-Eagle Mines (AEM) fell 1.2%.
  • Barrick Gold (ABX) rose 0.4%.
  • Eldorado Gold (EGO) slid 1.8%.
  • Goldcorp (GG) dipped 0.4%.
  • Kinross Gold (KGC) was flat.
  • Newmont Mining (NEM) sank 0.8%.
  • NovaGold Resources (NG) slipped 1.7%.
  • Yamana Gold (AUY) edged down 0.1%.

Silver mining shares mostly retreated during the day.

  • Coeur d’Alene Mines (CDE) slid 1.2%.
  • Hecla Mining (HL) pulled back 2.1%.
  • Pan American Silver (PAAS) gained 1%.
  • Silver Wheaton (SLW) dipped 0.8%.
  • Silver Standard Resources (SSRI) dropped 1.8%.

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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