Gold Joins Silver in Bear Market Territory
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Gold and silver continue their fall from grace, with both now in bear market territory after hitting all-time highs for gold and multi-year highs for silver earlier in the year.
The most active Gold futures contract (Feb '12) last traded down $33.40 to $1530.70. For Silver, the most active futures contract (March '12) last traded down $0.829 to $26.405.
Gold is now down 20 percent from their 2011 all-time high of $1,923 hit in September. Silver is down 46 percent from its 2011 high of $49.21 hit in April.
The downside action in the precious metals is being attributed to the Euro moving to 15 months lows and hedge fund liquidation at year end.
Around the Sector:
SPDR Gold Shares (NYSE: GLD) down 1.5 percent to $148.69
iShares Silver Trust (NYSE: SLV) down to 2.2 percent $25.88
Barrick Gold Corporation (NYSE: ABX) down 1.1 percent to $43.74
Newmont Mining (NYSE: NEM) down 1 percent to $58.88
Goldcorp Inc. (NYSE: GG) down 1 percent to $42.20
Silver Wheaton Corp. (NYSE: SLW) down 1.4 percent to $27.25.
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The most active Gold futures contract (Feb '12) last traded down $33.40 to $1530.70. For Silver, the most active futures contract (March '12) last traded down $0.829 to $26.405.
Gold is now down 20 percent from their 2011 all-time high of $1,923 hit in September. Silver is down 46 percent from its 2011 high of $49.21 hit in April.
The downside action in the precious metals is being attributed to the Euro moving to 15 months lows and hedge fund liquidation at year end.
Around the Sector:
SPDR Gold Shares (NYSE: GLD) down 1.5 percent to $148.69
iShares Silver Trust (NYSE: SLV) down to 2.2 percent $25.88
Barrick Gold Corporation (NYSE: ABX) down 1.1 percent to $43.74
Newmont Mining (NYSE: NEM) down 1 percent to $58.88
Goldcorp Inc. (NYSE: GG) down 1 percent to $42.20
Silver Wheaton Corp. (NYSE: SLW) down 1.4 percent to $27.25.
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