Gold, Silver Shares Follow Metals to Multi-Week Lows
By jturbin | October 13, 2012 5:55 AM EST
Shares of most gold and silver mining stocks extended their losses Friday afternoon. The sector’s weakness coincided with a sell-off in precious metals and the broader financial markets.
The Philadelphia Gold & Silver Index (XAU) – which was only fractionally lower this morning – later slid 1.2% to 186.05. In doing so, the XAU was on track for its lowest closing level in over two weeks.
Notable XAU components in the red included Goldcorp (GG), IAMGOLD (IAG), and Silver Standard Resources (SSRI). GG fell by 1.1% to $43.67, IAG by 1.6% to $15.71, and SSRI by 2.0% to $14.54 per share.
(Analysis and rankings of every XAU component available at GoldAlert Pro – http://pro.goldalert.com )
The sector underperformed the broader equity indices, as the S&P 500 headed south by just 0.2% to 1,429.52.
As for the metals, COMEX gold futures settled down by $10.90, or 0.6%, at $1,759.70 per ounce. In electronic trading, the yellow metal subsequently dropped to $1,753.50 – its lowest level since September 26th. Silver futures fared worse, retreating $0.53, or 1.6%, to $33.55 per ounce – also a multi-week low.
Most Popular Slideshows
- Typhoon Rammasun Claims 18 Lives in China, Incurs $4.32B Losses (PHOTOS)
- National Ice Cream Day: Most-Ordered Flavors and Toppings by Americans [See Photos]
- Malaysia Airlines MH17: Vital Black Boxes Finally Land in Hands of Malaysian Authorities, Rebels Announce Ceasefire (PHOTOS/VIDEOS)
- Photos from the Crash Site of Malaysia Airlines MH17 In Ukraine
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
- Fresh Leak Hints iPhone 6 Price and Release Date; 4.7-Inches iPhone 6 Sapphire Display Scratched in Test; New Spigen Cases Out
- iPhone 6 2014 Release Date Very Soon as Apple Orders 120M New iPhones from Foxconn – Report
- Google Nexus 6 on Release Date Will Sport 2K Display Panel & Lower Price Tag – Report
- Motorola Moto G Vs. Xiaomi Mi3 – Low in Price, High -level Features
- FCC Approves Sony Xperia Z3 for U.S. Market
- Killer Xiaomi Mi4 at $369 Likely to Come With 5.0-Inch Display, Snapdragon 801 Processor, 3GB RAM and More
- End of Times Indicators: Japan’s Mount Fuji in ‘Critical State’ to Erupt, Could Affect At Least 1.2M People