Precious Metals Recap: Gold and Silver Edge Lower

Wall St. Cheat Sheet

On Wednesday, gold (NYSEARCA:GLD) futures for December delivery decreased $6.70 to settle at $1,663 per ounce, while silver (NYSEARCA:SLV) futures edged 4 cents lower to close at $30.84.

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.

Continue Reading Below

Don’t Miss: Are Central Banks Still Hoarding Gold?

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.

Investor Insight: Start Your Own GOLD STANDARD

If you would like to receive professional analysis on miners and other precious metal investments, we invite you to try our premium service free for 14 days.

Disclosure: Long EXK, AG, HL, PHYS