Gold and silver prices dropped Tuesday after running up recently, as oil prices fell, dragging commodities in general down with them. Endeavour Silver (AMEX:EXK), Alexco Resource (AMEX:AXU), Mines Management (AMEX:MGN), Great Panther (AMEX:GPL), First Majestic (NYSE:AG) all closed down on the day
Gold for June delivery fell $14.50, or 1%, to $1,453.60 an ounce on the Comex division of the New York Mercantile Exchange. It had traded as low as $1,445 an ounce.
Silver declined from a 31-year high over the previous session. The May contract (SIK11) dropped 55 cents, or 1.3%, to settle at $40.07 an ounce.
The U.S. dollar dropped again, making the downward move even more counterintuitive to the fundamentals.
First Majestic closed Tuesday at $20.53, plunging $2.09, or 9.24 percent. Great Panther closed at $4.09, falling $0.11, or 2.62 percent. Mines Management ended the session at $2.81, declining $0.09, or 3.10 percent. Endeavour Silver closed at $10.90, dropping $0.50, or 4.39 percent. Alexco Resource closed at $8.68, falling $0.37, or 4.09 percent.
Wednesday, April 13, 2011
Endeavour (EXK) (AXU) (MGN) (GPL) (AG) Plunge with Oil Prices
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