Gold Breaks Three-Day Losing Streak

On Wednesday, gold (NYSEARCA:GLD) futures for April delivery increased $10.40 to settle at $1,728.10 per ounce, while silver (NYSEARCA:SLV) futures climbed 6 cents higher to close at $33.41.  Gold’s rise today breaks a three-day losing streak for the precious metal.

The euro continues to remain weak while European finance officials consider delaying parts or even all of a second bailout package for Greece.  The bailout package totals 130 billion euros, but not all of the finance ministers are satisfied that Greece is completely committed to the deal.

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Euro Chairman Jean-Claude Juncker said, “I did not yet receive the required political assurances from the leaders of the Greek coalition parties on the implementation of the program.”  Greece needs the bailout to avoid a default on March 20, when 14.5 billion euros in debt repayments are due.

In afternoon trading, the SPDR Gold Trust (NYSEARCA:GLD) edged .27 percent higher, but the iShares Silver Trust (NYSEARCA:SLV) declined .65 percent.  Gold miners (NYSEARCA:GDX) such as Yamana Gold (NYSE:AUY) and Barrick Gold (NYSE:ABX) gained .55 percent and .15 percent, respectively.  Meanwhile, silver miners (NYSEARCA:SIL) such as Hecla Mining (NYSE:HL) and Endeavour Silver (NYSE:EXK) fell .60 percent and .34 percent, respectively.

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To contact the reporter on this story: Eric McWhinnie at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com