Wednesday, April 13, 2011

SPDR Gold Trust (GLD) (GDX) (SLV) (GDXJ) (SIL) Down with Broader Commodities

Gold and silver prices fell Tuesday after running up recently, as oil prices fell, dragging commodities in general down with them. The Global X Silver Miners ETF (SIL), Market Vectors Gold Miners ETF (GDX), Market Vectors Junior Gold Miners ETF (GDXJ), iShares Silver Trust (SLV) and SPDR Gold Trust (GLD) 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 its 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 fell again, making the downward move even more counterintuitive to the fundamentals.

Market Vectors Junior Gold Miners ETF closed Tuesday at $39.44, down $1.29, or 3.17 percent. Market Vectors Gold Miners ETF closed at $61.11, falling $0.99, or 1.59 percent. Global X Silver Miners ETF ended the session at $28.39, declining $1.00, or 3.41 percent. SPDR Gold Trust closed at $141.61, dropping $1.03, or 0.72 percent. iShares Silver Trust closed at $39.09, falling $0.12, or 0.31 percent.

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