On Wednesday, gold (NYSEARCA:GLD) futures for February delivery, the most active contract, decreased $6.70 to settle at $1,655.50 per ounce, while silver (NYSEARCA:SLV) futures for March edged 22 cents lower to close at $30.25.
Both precious metals declined slightly as the U.S dollar edged higher. Gold and silver have been in consolidation mode for months, but legend Jeff Gundlach from DoubleLine Capital expects a big move in either direction. He says, “It’s very unlikely to go sideways for the next 14 months like the last 14 months.”
The miners were mixed, despite a recent positive note from Sterne, Agee & Leach. The firm explains, “We believe the recent underperformance presents a buying opportunity. North American precious-metals producers that focus collective attention on discipline and operating-cost maintenance should recognize in relative valuation the increased value placed on gold despite fighting geologic, metallurgy, capital cost and political challenges.”
By the end of the day, the SPDR Gold Trust (NYSEARCA:GLD) and iShares Silver Trust (NYSEARCA:SLV) both finished the day relatively flat. Barrick Gold (NYSE:ABX) increased 0.30 percent, but Yamana Gold (NYSE:AUY) slipped 0.25 percent. Meanwhile, First Majestic Silver (NYSE:AG) and Endeavour Silver (NYSE:EXK) gained 0.35 and 1.30 percent, respectively.
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