Gold Snaps Streak With Small Loss
Published on Monday, 18 June 2012 17:24 Written by Todd Shriber
Following 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.
- AT&T And America Movil To Provide Deeper National Reach For Advanced Enterprise Services Across Latin America
- AT&T 4G LTE Available In Willimantic
- AT&T 4G LTE Available In Torrington
- AT&T And The University Of Kansas Team Up To Enhance Wireless Coverage On Lawrence Campus
- AT&T 4G LTE Available In Fargo
- AT&T 4G LTE Available In Amarillo
- Benefitfocus Announces Pricing of Initial Public Offering
- Trends of China Gear Industry 2013 Analysis & Reviewed in New Research Report at RnRMarketResearch.com
- Product Launch Formula 4.0 Bonuses Total $5000 at BrianHanson.com
- Datex Presents Motorola Solutions Webinar “Is It ‘Smart’ to Use Smartphones for the Enterprise?”
Related Partner Headlines
Recent Trading Ideas
Latest Partner Headlines
Dow JonesCompany ID [INDEXDJX:.DJI] Last trade:18,096.90 Trade time:4:35PM EST Value change:▼106.47 (-0.58%)
S&P 500Company ID [INDEXSP:.INX] Last trade:2,098.53 Trade time:4:35PM EST Value change:▼9.25 (-0.44%)
NASDAQCompany ID [INDEXNASDAQ:.IXIC] Last trade:4,967.14 Trade time:5:15PM EST Value change:▼12.76 (-0.26%)
In The Wires
GW Pharmaceuticals Commences Phase 1 Clinical Trial of GWP42006 as a Potential Treatment for Epilepsy
NTT Communications and JBA's SDN Project Wins IBC 2013 Innovation Award
Frost & Sullivan Honours Interactive Intelligence with its EMEA Contact Centre Company of the Year Award
AT&T And America Movil To Provide Deeper National Reach For Advanced Enterprise Services Across Latin America
$500,000 Shopify Build a Business Competition Has Just Been Announced for 2013
Solomon Associates Hydrocarbon Loss Reduction Seminar Shares Practices that Lead to Significant Savings
AT&T 4G LTE Available In Willimantic
AT&T 4G LTE Available In Torrington