On Tuesday, gold (NYSEARCA:GLD) futures for June delivery, the most active contract, dipped $6.50 to close at $1,377.60 per ounce, while silver (NYSEARCA:SLV) futures for July decreased 13 cents to finish at $22.46.
Both precious metals were relatively stable as more central bankers grab headlines.
Federal Reserve Bank of St. Louis President James Bullard said the central bank should “continue with the present quantitative easing program, adjusting the rate of purchases appropriately in view of incoming data on both real economic performance and inflation.”
Meanwhile, Federal Reserve Bank of New York President William C. Dudley said he was not sure if the central bank should increase or decrease its monthly bond purchases. In a speech, he explains, “Because the outlook is uncertain, I cannot be sure which way – up or down – the next change will be.”
By the end of the day, precious metal equities took another leg lower. The SPDR Gold Trust (NYSEARCA:GLD) fell 1.66 percent, while the iShares Silver Trust (NYSEARCA:SLV) dropped almost 3 percent. Gold miners (NYSEARCA:GDX) such as Newmont Mining (NYSE:NEM) and Barrick Gold (NYSE:ABX) declined 1.05 percent and 2.81 percent, respectively. Silver names such as First Majestic Silver (NYSE:AG) and Endeavour Silver (NYSE:EXK) both fell more than 3 percent.
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Disclosure: Long EXK, AG, HL, PHYS