Gold Breaks $1,600, U.S. Consumer Confidence Sinks

  • Like on Facebook
  • Share on Google+
  • Share on LinkedIn

On Tuesday, gold (NYSEARCA:GLD) futures for June delivery, the most active contract, decreased $9.20 to close at $1,597.30 per ounce, while silver (NYSEARCA:SLV) futures for May edged 14 cents lower to finish at $28.70.

Both precious metals continue to tread water as the Cyprus situation unfolds. Banks in the insolvent country will now stay closed until at least Thursday, in order to prepare capital controls and prevent a run on the banks. It has been more than a week since banks have opened.

Meanwhile, confidence among Americans continue to decline. The index of consumer attitudes plunged to 59.7 in March, compared to a revised three-month high of 68.0 in February, according to The Conference Board, an industry group. The results were worse than every estimate in a Bloomberg survey of 79 economists, which ranged from 60 to 72. Overall, economists expected a reading of 67.5.

By the end of the day, the SPDR Gold Trust (NYSEARCA:GLD) and iShares Silver Trust (NYSEARCA:SLV) both dipped about 0.30 percent. Gold miners (NYSEARCA:GDX) such as Yamana Gold (NYSE:AUY) and Barrick Gold (NYSE:ABX) declined 0.79 percent and 0.65 percent, respectively. First Majestic Silver (NYSE:AG) dropped about 2.0 percent.

Don’t Miss: What Can Warren Buffett Teach Us About Cyprus?

If you would like to receive professional analysis on miners and other precious metal investments, we invite you to try our premium service free for 14 days.

Disclosure: Long EXK, AG, HL, PHYS

More Articles About:

To contact the reporter on this story: staff.writers@wallstcheatsheet.com To contact the editor responsible for this story: editors@wallstcheatsheet.com

Yahoo Finance, Harvard Business Review, Market Watch, The Wall St. Journal, Financial Times, CNN Money, Fox Business