Gold and Silver Edge Lower after Manufacturing Report
By Eric McWhinnie | May 2, 2012 5:09 AM EST
Both precious metals remained relatively quiet as the U.S. manufacturing sector showed expansion in April. According to the Institute for Supply Management, the manufacturing purchasing managers’ index last month increased to 54.8, compared to 53.4 in March. It was the fastest pace since June. A reading above 50 signals expansion.
Don’t Miss: Gold & Silver: Bernanke Overshadows FOMC Minutes
Economists were expecting a slight decrease in the index to 52.9. Ellen Zenter, a senior U.S. economist at Nomura Securities International Inc., said, “Manufacturing continues to be a bright spot in the recovery. We have yet to see a drop-off in foreign demand for U.S. manufactured goods and that comes despite all the concerns of a slowdown in the global economy,” according to Bloomberg.
In afternoon trading, the SPDR Gold Trust (NYSEARCA:GLD) declined .32 percent, while the iShares Silver Trust (NYSEARCA:SLV) traded flat. Gold miners (NYSEARCA:GDX) such Yamana Gold (NYSE:AUY) and AngloGold Ashanti (NYSE:AU) edged .20 percent and .61 percent higher. Silver investments such as Hecla Mining Co. (NYSE:HL) and Silver Wheaton Corp. (NYSE:SLW) increased 2.3 percent and .21 percent, but Pan American Silver Corp. (NASDAQ:PAAS) fell 1.08 percent.
Investor Insight: Do Central Banks Still Love Gold?
If you would like to receive professional analysis on equity miners and other precious metal investments, we invite you to try our premium service free for 14 days.
Disclosure: Long EXK, AG, HL, PHYS
Most Popular Slideshows
- Flight MH17 Attack: Russians Claim 'Putin A Terrorist,' Memorial at Dutch Embassy Overflows [PHOTOS]
- Typhoon Rammasun Claims 18 Lives in China, Incurs $4.32B Losses (PHOTOS)
- Ellen DeGeneres Caught Cheating with Mutual Friend Before Portia de Rossi’s Rehab – Reports [PHOTOS]
- Malaysia Airlines MH17: Vital Black Boxes Finally Land in Hands of Malaysian Authorities, Rebels Announce Ceasefire (PHOTOS/VIDEOS)
Join the Conversation
- Global Markets Overview – July 15, 2014
- Honduran Gold Mine Caves in; 8 Rescued, 3 Remain Trapped (PHOTOS)
- Chinese Govt Tightens Control on Gold to Curb Imports, Could Drop 400T from 2013 – Report
- ANZ Seeks Role in Pilot Global Gold Trading Platform in Shanghai
- US California Couple Sells 1,400 Rare Gold Coins Found in Backyard, Now Millionaires
- Samsung Galaxy Note 4 Apps Leak Online, Five Fresh Features to Expect from the Android Smartphone
- Moto 360 Price Speculations, Key Features, Strategic Release Date, Design: A Watch That is More Than Just Time
- Windows Phone 8.1 Update Rollout: 20 Nokia Lumia Phones Eligible and 13 New Features to be Added
- Google Nexus 8 Release Date Soon Along with 2 More HTC Android Tablets – Reports
- Three New Moto G Successors Spotted in FCC Document Dubbed Moto G2, Moto M and More --Reports
- iPad Air 2 Release Date Will Skip IGZO Panel; To Rollout with Super-Slim iPad Mini Air
- Upcoming iPad Mini 3 Could be 30% Thinner and Likely be Called iPad Mini Air; Apple Q3 Results Show 9% Decrease in iPad Sales