Gold and Silver Finish Week Stalling
Both precious metals finished the week lower as slowdown fears and earnings season weighed on financial markets. Spain received its third credit rating downgrade from Standard & Poor’s, while earnings pessimism among executives in the United States reach its highest level since 2001.
However, a report by Bloomberg shows that the SPDR Gold Trust (NYSEARCA:GLD) provided the best risk-adjusted returns among the biggest ETFs over the past five years. Adjusting for price swings, the ETF beat funds tracking stocks and corporate bonds.
In afternoon trading, the SPDR Gold Trust decreased 0.70 percent, while the iShares Silver Trust (NYSEARCA:SLV) dropped 1.30 percent. Gold miners (NYSEARCA:GDX) such as Yamana Gold (NYSE:AUY) and Barrick Gold (NYSE:ABX) both fell nearly 2 percent. Silver names such as Silvercorp (NYSE:SVM) and Hecla Mining (NYSE:HL) declined 2.10 percent and 2.85 percent, respectively.
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Disclosure: Long EXK, AG, HL, PHYS