Gold and Silver Settle Slightly Lower: GLD, SLV
The U.S. economy grew less than previously estimated in the third quarter, with new Commerce Department figures reflecting a smaller gain in consumer spending.
Gross domestic product climbed at a 1.8 percent annual rate in the third quarter, down from the 2 percent estimated last month, the Commerce Department showed today in Washington. Household purchases increased at a 1.7 percent rate, according to today’s report, down from an earlier estimate of 2.3 percent. “The fourth quarter should be the strongest of all this year,” said Stuart Hoffman, chief economist at PNC Financial Services Group Inc. “We are avoiding a recession and the persistent calls for a double dip are wrong.”
Gold and silver investments traded slightly lower in afternoon trading. The SPDR Gold Trust (NYSEARCA:GLD) fell .62 percent, while the iShares Silver Trust (NYSEARCA:SLV) declined about 1 percent. Gold miners (NYSEARCA:GDX) such as Yamana Gold (NYSE:AUY) and Barrick Gold (NYSE:ABX) fell 1.85 percent and .56 percent, respectively. Silver miners (NYSEARCA:SIL) such as Silver Wheaton Corp. (NYSE:SLW) and Hecla Mining (NYSE:HL) declined .71 percent and 1.60 percent, respectively. However, Pan American Silver Corp. (NASDAQ:PAAS) gained .85 percent, and First Majestic Silver (NYSE:AG) edged .10 percent higher.
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