Gold and silver prices went through a reversal Friday, as gold closed down and silver rebounded to close higher, putting pressure on gold ETFs like SPDR Gold Trust (NYSE:GLD), Market Vectors Gold Miners ETF (NYSE:GDX), Market Vectors Junior Gold Mine (NYSE:GDXJ), PowerShares DB Gold Double Long ETN (NYSE:DGP) and iShares Gold Trust (NYSE:IAU), which all closed down Friday.
Gold for June delivery fell $13.10 to close at $1,493.60 at the Comex division of the New York Mercantile Exchange. The spot gold price was down by about $13 an ounce. Silver prices settled up 21 cents to $35.01 an ounce.
The U.S. dollar index was up 0.74 percent to $75.75 as the euro continued to get hammered on the sovereign debt crises in Europe. The euro plunged 1.7 percent last week as Greece was again in the spotlight for the need to probably be bailed out again, as it appears the country refuses to implement austerity measures to deal with the situation, as it, along with numerous countries, has made progressive, socialists promises they aren't able to keep.
Besides the long-term collapse of the U.S. dollar and the European sovereign debt crises, other factors offering support to gold include tightening in China, inflation, and unrest in the middle east.
SPDR Gold Trust (GLD) closed Friday at $145.63, down $0.96, or 0.65 percent. Market Vectors Gold Miners ETF (GDX) ended the day at $54.21, falling $0.44, or 0.81 percent. Market Vectors Junior Gold Mine (GDXJ) closed at $34.69, dropping $0.67, or 1.89 percent. iShares Gold Trust (IAU) closed at $14.59, declining $0.10, or 0.68 percent. PowerShares DB Gold Double Long ETN (DGP) ended the session at $46.19, falling $0.66, or 1.42 percent.
Showing posts with label Market Vectors Junior Gold Mine. Show all posts
Showing posts with label Market Vectors Junior Gold Mine. Show all posts
Monday, May 16, 2011
Monday, May 9, 2011
Gold ETFs (GDXJ) (DGP) (GLD) After Gold Closes Up
Gold was able to shake itself of silver Friday, as it has been weighed down by the plummeting price of silver in recent trade, which also has been dragging down gold ETFs and ETNs like Market Vectors Junior Gold Mine (NYSE:GDXJ), DB Gold Double Long ETN (NYSE:DGP) and SPDR Gold Trust (NYSE:GLD).
Gold for June delivery climbed $10.20, or 0.7 percent, to $1,491.60 an ounce. Gold lost 4.2 percent last week, as it had settled at a record $1,556.40 an ounce the Friday before. Gold fell 4.2 percent on the week.
Silver for July delivery dropped 95.3 cents, or 2.6 percent, to $35.29 an ounce on the Comex division of the New York Mercantile Exchange. It had risen as high as $36.43 an ounce in Friday's trading.
The front-month silver contract had its worst week since late March 1980. Silver for May delivery fell 27 percent in the five-day period — its biggest percent drop since that date. The most-active July contract also was down 27 percent on the week.
Silver has lost 14 percent so far in 2011. On April 25, silver had reached as high as $49.845.
DB Gold Double Long ETN (NYSE:DGP) closed Friday at $46.04, gaining $1.36, or 3.04 percent.
Gold for June delivery climbed $10.20, or 0.7 percent, to $1,491.60 an ounce. Gold lost 4.2 percent last week, as it had settled at a record $1,556.40 an ounce the Friday before. Gold fell 4.2 percent on the week.
Silver for July delivery dropped 95.3 cents, or 2.6 percent, to $35.29 an ounce on the Comex division of the New York Mercantile Exchange. It had risen as high as $36.43 an ounce in Friday's trading.
The front-month silver contract had its worst week since late March 1980. Silver for May delivery fell 27 percent in the five-day period — its biggest percent drop since that date. The most-active July contract also was down 27 percent on the week.
Silver has lost 14 percent so far in 2011. On April 25, silver had reached as high as $49.845.
DB Gold Double Long ETN (NYSE:DGP) closed Friday at $46.04, gaining $1.36, or 3.04 percent.
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