Published August 29, 2012
| Wall St. Cheat Sheet
Precious metals and equities appear to be in a holding pattern while waiting on Ben Bernanke’s annual speech at the Federal Reserve Bank of Kansas City’s meeting in Jackson Hole, Wyoming on Friday. In the meantime, investors are left with an op-ed from European Central Bank President Mario Draghi.
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In a piece for the German newspaper Die Zeit, Draghi wrote, “The ECB is not a political institution. But it is committed to its responsibilities as an institution of the European Union. As such, we never lose sight of our mission to guarantee a strong and stable currency. The banknotes that we issue bear the European flag and are a powerful symbol of European identity.” He also added that the central bank “will always act within the limits of its mandate.” The euro currency dipped to as low as $1.2520, while the U.S. dollar index edged higher.
By the end of the trading day, the SPDR Gold Trust (NYSEARCA:GLD) and iShares Silver Trust (NYSEARCA:SLV) declined by about 0.60 percent. Gold miners (NYSEARCA:GDX) such as Newmont Mining (NYSE:NEM) and Barrick Gold (NYSE:ABX) fell 0.76 percent and 1.2 percent, respectively. Meanwhile, First Majestic Silver (NYSE:AG) and Endeavour Silver (NYSE:EXK) both dropped more than 2 percent.
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Disclosure: Long EXK, AG, HL, PHYS