On Thursday, gold (NYSEARCA:GLD) futures for June delivery, the most active contract, declined $9.30 to close at $1,386.90 per ounce, while silver (NYSEARCA:SLV) futures for July traded flat to finish at $22.66. Gold has now closed lower for six consecutive sessions.
Both precious metals continue to drift lower as sentiment remains weak. Credit Suisse recently said gold will trade down to $1,100 an ounce within a year, and sink below $1,000 an once within five years.
However, the pullback in precious metals during the first quarter appears to have attracted a popular hedge fund. Leon Cooperman’s Omega Advisors added new positions in the SPDR Gold Trust (NYSEARCA:GLD) and iShares Silver Trust (NYSEARCA:SLV), worth $13.9 million and $4.4 million, respectively. The firm also took a new position in the Market Vectors Gold Miners ETF (NYSEARCA:GDX) worth $4.4 million.
By the end of the day, the SPDR Gold Trust closed 0.40 percent lower, while the iShares Silver Trust gained 0.87 percent. Gold miners such as Yamana Gold (NYSE:AUY) and Newmont Mining (NYSE:NEM) both declined about half a percent.
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Disclosure: Long EXK, AG, HL, PHYSRead the original article from Wall St. Cheat Sheet