Two days up followed by two days down. Gold and silver traded flat to lower in Asia despite the China Gold Association’s deputy chairman saying Chinese investment demand for gold will grow at least 20% this year, and the markets continued their downtrend through London trading.
The price of spot gold was fixed at $1,514.75 after being set at $1,521 at the London a.m. fix. Spot silver was fixed at $34.73, about 3.5% lower than Thursday’s fix. Spot gold was trading at $1,514.40 Bid, $1,515.40 Ask in N.Y. trade this morning. Spot silver was trading at $34.65 Bid, $34.75 Ask.
The major gold and silver ETFs were trading lower, along with the broad stock market indices this morning.
- SPDR Gold Trust (NYSE: GLD) was down around 0.6% at $147.47.
- iShares Gold Trust (NYSE: IAU) was down about 0.6% at $14.78.
- iShares Silver Trust (NYSE: SLV) was down 1.8% at $33.75.
Gold and silver mining ETFs were likewise trading lower:
- Market Vectors Gold Miners ETF (NYSE: GDX) was trading at $53.34, down 1.24%.
- Market Vector Junior Gold Miners ETF (NYSE: GDXJ) was trading at $33.55, down 1.58%.
- Global X Silver Miners ETF (NYSE: SIL) was trading at $23.11, down nearly 1.8%.
Individual gold mining shares were jumpy and also on a downward slide:
- Agnico-Eagle Mines (NYSE: AEM) was down more than 1%, trading at $64.23.
- Barrick Gold (NYSE: ABX) was down around 0.9% at $43.60.
- Goldcorp (NYSE: GG) was down more than 1.4%, trading around $47.93.
- Newmont Mining (NYSE: NEM) was trading about 0.7% lower at $53.60.
- NovaGold Resources (AMEX: NG) was down more than 0.75% at $8.94.
Leading silver mining stocks also trended downward:
- Coeur D’Alene Mines (NYSE: CDE) was down 2.15% at $23.64.
- Hecla Mining (NYSE: HL) was down more than 1% at $7.41.
- Pan American Silver (NASDAQ: PAAS) was trading around $29.83, down more than 2%.
- Silver Wheaton (NYSE: SLW) was down more than 1.9% at $32.48.
- Silver Standard Resources (NASDAQ: SSRI) was down about 2%, trading around $25.30.
