Gold Snaps Streak With Small Loss

GLDFollowing a six-day winning streak, gold could not get any love after what should have been a supportive result in Sunday’s Greek elections. COMEX gold for August delivery fell $1.10, or 0.1%, to settle at $1,627.00 per troy ounce. Indicating that investors are not believing in new found euro strength, the PowerShares DB US Dollar Index Bullish (NYSE: UUP) snapped out of a recent funk to end higher by 0.44%.

 

From the Wall Street Journal: Gold prices kept in a tight trading range of 1.5% Monday, with prices largely keeping in a holding pattern ahead of the Fed's two-day policy meeting, which starts Tuesday. In recent months, hopes for new monetary-easing policies have buoyed gold as investors turned to hard assets to hedge against the inflation that can result from increased liquidity.

 

Translation: It seems as though this is the case every week, but gold bugs are once again allowing themselves to be held hostage to the whims of the Federal Reserve. With Operation Twist coming to an end and gold recently showing some signs of life, anything to emerge from this week’s Federal Open Market Committee meeting that can be viewed as remotely friendly to gold could send the yellow metal soaring.

 

Gold could use the help as traders have returned to pondering Spain’s fate. With the Greek elections in the rear view mirror and global markets now satisfied it is likely that country remains in the Euro Zone, heads have turned back to Spain and they don’t like what they see if the behavior of Spanish bond yields today is an indication.

 

Despite the losses for gold futures, the iShares Gold Trust (NYSE: IAU) and the SPDR Gold Shares (NYSE: GLD) each notched small gains. The iShares Silver Trust (NYSE: SLV) also posted a small, light volume gain.

 

The other white metals were mixed as the ETFS Physical Platinum Shares (NYSE: PPLT) endured a small loss on volume that was hardly noticeable. Building on gains accrued late last week, the ETFS Physical Palladium Shares (NYSE: PALL) jumped almost 1% today, though volume was light in this ETF as well.

 

On a rough overall day for stocks, the Global X Silver Miners ETF (NYSE: SIL) looked good with a 2.5% gain. That ETF could breakout if it trades above $20. The Market Vectors Gold Miners ETF (NYSE: GDX) was able to come away with a gain of 1.7% while the Market Vectors Junior Gold Miners (NYSE: GDXJ) jumped 3% to close right near some critical resistance.

TradersHuddle Search

Stock Search:


Site Search:

Loading

Recent Trading Ideas

Latest Partner Headlines

Stock Market

Loading
Chart
o Dow Jones 17,828.24 ▲0.49 (0.00%)
o S&P 500 2,067.56 ▼5.27 (-0.25%)
o NASDAQ 4,791.63 ▲4.31 (0.09%)
INDEXDJX:.DJI

Dow Jones

Company ID [INDEXDJX:.DJI] Last trade:17,828.24 Trade time:1:47PM EST Value change:▲0.49 (0.00%)
INDEXSP:.INX

S&P 500

Company ID [INDEXSP:.INX] Last trade:2,067.56 Trade time:1:47PM EST Value change:▼5.27 (-0.25%)
INDEXNASDAQ:.IXIC

NASDAQ

Company ID [INDEXNASDAQ:.IXIC] Last trade:4,791.63 Trade time:2:15PM EST Value change:▲4.31 (0.09%)
Copyright © 2013 TradersHuddle.com. All Rights Reserved.