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On Monday, gold (NYSEARCA:GLD) futures for February delivery, the most active contract, fell $2.60 to settle at $1,646.30 per ounce, while silver (NYSEARCA:SLV) futures for March increased 14 cents to close at $30.08.
Gold has already been declining over the past few weeks, but received even more negative exposure from the London Bullion Market Association. The organization’s top forecaster believes the 12-year bull market run in the precious metal is now over, according to Bloomberg. Rene Hochreiter, chief executive officer of Allan Hochreiter LTd., expects gold prices to average $1,600 this year.
On the positive, he believes prices in other precious metals will improve due to economic growth. Hochreiter explains, “I think America will sort itself out and the economy will start moving again, positively. As gold declines, as the world economy improves, so will the industrial side, and platinum, palladium and silver will start to pick up.”
In afternoon trading, the SPDR Gold Trust (NYSEARCA:GLD) declined 0.55 percent, while the iShares Silver Trust (NYSEARCA:SLV) edged 0.20 percent lower. Gold miners (NYSEARCA:GDX) such as Barrick Gold (NYSE:ABX) and Goldcorp (NYSE:GG) both fell more than 1 percent. Meanwhile, Endeavour Silver (NYSE:EXK) and Pan American Silver (NASDAQ:PAAS) decreased 0.50 percent and 0.30 percent, respectively.
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Disclosure: Long EXK, AG, HL, PHYS
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