Metals Market Recap: Gold Has 11th Consecutive Quarterly Gain
Gold (NYSE:GLD) futures for December delivery increased $5 to settle at $1,622.30, while silver (NYSE:SLV) futures closed 44 cents lower to settle at $30.08. After finishing the second quarter at $1,505, gold finished the third quarter with its 11th consecutive quarterly gain.
Investing Insights: Will A China Slowdown Affect Gold?
It has been a volatile month for precious metals (NYSE:DBP) gold and silver to say the least. Gold traded under $1,550 at one point, while silver briefly touched $26 per ounce. The month brought US Dollar (NYSE:UUP) strength, margin increases, and numerous headlines concerning Europe and China.
Despite gold’s climb for the third quarter, shares of Freeport-McMoRan Copper & Gold (NYSE:FCX) continue to slide as copper (NYSE:JJC) fails to find a bottom. Freeport shares have been cut in half year-to-date. Barrick Gold (NYSE:ABX) and Yamana Gold (NYSE:AUY) traded higher on Friday as gold miners (NYSE:GDXJ) look poised to head higher. The Street reports that Newmont Mining (NYSE:NEM) had “more than 5,000 March $65 calls change hands in a strong buying pattern going mostly for $5.60-$5.70.” However, silver miners (NYSE:SIL) such as First Majestic (NYSE:AG) and Endeavour Silver (NYSE:EXK) headed lower today.