Miners (ANV) (SA) (UXG) (TRE) (NCMGY) Trade Mixed as Gold Closes Down

While several events should have helped support gold prices on Wednesday, that wasn't the case, as Allied Nevada Gold (AMEX:ANV), Seabridge Gold (Amex:SA), US Gold (AMEX:UXG), Tanzanian Royalty Exploration (AMEX:TRE) and Newcrest Mining (OTC:NCMGY.PK) closed mixed, as gold for June delivery, the most actively traded contract, fell $25.10 to $1,515.30 an ounce.

Silver prices are the story for commodities and gold at this time, as the plunge in prices is dragging down the overall commodity sector, as traders sell off holdings to take some profits.

Silver fell $3.197, or 7.5 percent, to settle at $39.388 an ounce. That's the third straight day of losses after silver closed in on $50 an ounce mark last week.

Silver for July delivery dropped $2.820, at $39.765 per troy ounce.

The U.S. dollar index lost 0.15 percent to $73.01, dropping from Tuesday's 73.127 close. The dollar index is down 7.5 percent so far in 2011.

Against the euro, the dollar plunged to its lowest level Wednesday since December 2009.

Other than the fall of the dollar, other factors that would have normally supported gold was the underreported decision by the European Union to bail out Portugal for close to 78 billion euros.

Also largely ignored was the ADP Employment Change report for April, which showed the private sector missed the anticipated addition of 200,000 jobs, being able to only generate 179,000 for the month.

Also of note Wednesday was the Institute for Supply Management’s services-sector index, which was weakened more than expected in April, confirming that American growth is slowing.

US Gold (UXG) closed Wednesday at $8.09, gaining $0.02, or 0.25 percent.