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After large gains yesterday, both precious metals were flat as the U.S. dollar (NYSE:UUP) gained strength after the latest consumer confidence report. The Conference Board announced its index of consumer attitudes declined to 70.2, compared to 71.6 in February. “Although the index remains near a one-year high, the recent increase in gasoline prices has squeezed the pocketbooks of many Americans,” said Kathy Lien, director of currency research at GFT.
The sideways price action in precious metals could be short-lived as expectations for higher inflation continue to increase. In the coming year, expectations for inflation jumped from 5.5 percent to 6.3 percent, the highest level since May 2011.
In afternoon trading, the SPDR Gold Trust (NYSEARCA:GLD) edged .42 percent lower, while the iShares Silver Trust (NYSEARCA:SLV) fell .62 percent. Gold miners (NYSEARCA:GDX) such as Yamana Gold (NYSE:AUY) and Barrick Gold (NYSE:ABX) declined 1.7 percent and .98 percent, respectively. Silver investments such as Silver Wheaton Corp. (NYSE:SLW) dipped .44 percent, while Fortuna Silver (NYSE:FSM) and Endeavour Silver (NYSE:EXK) both declined nearly 3 percent.
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Disclosure: Long EXK, AG, HL, PHYS
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