Gold and Silver Finish in the Red
Both precious metals wavered in and out of positive territory throughout the trading day. The fiscal cliff is still weighing on financial markets, while the eurozone continues to kick their own can down the road.
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Greece raised money it desperately needed on Tuesday to avoid default when 5 billion euros worth of debt matures later this week. The WSJ explains, “Greece sold €4.063 billion of Treasury bills at Tuesday’s sale. Under Greek debt office rules, the country allows banks to buy an additional 30% of the total auction amount two days later. That would take the total to 5 billion euros—the amount needed by the Greek government to honor its commitment to repay investors when their securities mature Friday.”
By the end of the day, the SPDR Gold Trust (NYSEARCA:GLD) finished 0.21 percent in the red, while the iShares Silver Trust (NYSEARCA:SLV) closed 0.10 percent higher. Gold miners (NYSEARCA:GDX) such as Barrick Gold (NYSE:ABX) and Goldcorp (NYSE:GG) both fell more than 1 percent. Silver names such as Silver Wheaton (NYSE:SLW) and Endeavour Silver (NYSE:EXK) dropped 0.89 percent and 1.6 percent, respectively.
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Disclosure: Long EXK, AG, HL, PHYS