logo  
Sign in or Register

Already a member?

Sign in

Or sign in with your account on:

Not a member yet?

Register
    

Gold and Gold Stocks Rise on Chinese Downgrade, Debt Default Calamity

By  +Follow October 17, 2013 10:28AM
Share:
Tickers Mentioned:

Gold advanced for the fifth consecutive day in Thursday trading, with December futures jumping over three percent to $1,321.50 per ounce on the COMEX as the ripple effects of two weeks of shut-down government and the threat of national default continue to favor a traditional safe-haven role for the yellow metal.

One of those ripple effects during the day’s trading was the relative drop of the dollar, as speculation has taken hold that recent events will prompt the Federal Reserve to delay once more the inevitable winding-down of its $85 billion monthly quantitative easing program. The dollar has also been affected by the recently-ended Washington, D.C. calamity that caused one of China’s biggest credit-rating firms to downgrade the US from A to A-. It is well known that China has the largest holding of US treasuries of any nation.

David Wilson, a Citigroup Inc. (C) analyst in London said earlier in that day that "There was a knee-jerk reaction to the Chinese downgrading," and indeed estimates that 10 million ounces of gold, along with another 16 million of silver, traded immediately after the news was released.

In this climate, gold stocks of all sizes were in a celebratory mood and had rallied broadly to substantial gains shortly ahead of the closing bell. Major Canadian miners rose, including Barrick Gold (ABX) , up 5.60 percent to $18.61, Kinross Gold ($KGC) up 5 percent to $4.94, and Eldorado Gold (EGO) , up over 9 percent to $6.20.

US gold stocks were not left behind, with heavy trading sending Allied Nevada Gold (ANV) up 3.60 percent to $4.27, while Newmont Mining (NEM) jumped 5.30 percent to $27.25, and Royal Gold Inc. (RGLD) adding nearly 7 percent to $50.21.

Overall, speculation about a delay in the tapering of federal stimulus spending sent other precious metals higher, with silver futures for October delivery bumping up over 2 percent, nearing $22 per ounce.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.


Liked What You Read? Join Equities.com as a contributor and get eyeballs on your content FOR FREE!

Results for RGLD
Sanora Shoemaker
22 Nov 14 02:03:31
Insider Trading alerts on $CNA $RGLD $H $GRPN #overvalued http://t.co/ctWsLxbrmR
Milagro Galloway
22 Nov 14 01:40:28
Insider Trading alerts on $GAS $BIG $RGLD $DO Must have http://t.co/7otGbmSv0i
Stockaholics
22 Nov 14 01:06:42
578% Gains On Penny Stocks in one month! Plus a New Pick Is Coming: http://t.co/2W3yKD2d5Q $SAND $EC $RGLD
Mauricio Deluca
22 Nov 14 00:36:47
Would you like great research on stocks $SCHW $RGLD $YHOO $AMZN Goto http://t.co/6SWECMwRjK
Rubye Cordell
22 Nov 14 00:08:14
Should you buy, sell or hold $HIG $OCN $RGLD $SSO #financialnews http://t.co/XlWxkuxrGO
Renay Allen
21 Nov 14 20:31:24
Would you like great research on stocks $LH $RGLD $ITC $CADX #personalfinance http://t.co/2y3GDqs94e
Jonie Gallegos
21 Nov 14 17:24:41
Do you need #Stock #Research on $COG $CTL $RGLD $ISRG #overvalued http://t.co/ofDvgAl87x
Stockaholics
21 Nov 14 17:21:19
578% Gains On Penny Stocks in one month! Plus a New Pick Is Coming: http://t.co/2W3yKD2d5Q $SAND $EC $RGLD
Anjelica Mccart
21 Nov 14 16:36:36
Latest information on #stocks like $ZION $SCHW $RGLD $FB #Research http://t.co/IIWG59eGj1
Mariano Lehmann
21 Nov 14 16:08:23
Are you looking for winners like $OCN $RGLD $SPLS $ABX #liquidity http://t.co/5bpzDBdQxw
May Vanburen
21 Nov 14 15:35:01
Small-cap stocks breaking 52-wk high prices $RGLD $ABT $IPG $GAIN Goto http://t.co/Xr3gTr4Qhx
Wilburn Miller
21 Nov 14 14:34:46
Latest information on #stocks like $RGLD $CELG $CNP $BWP View now http://t.co/O6F10kVSzB
Necole Diaz
21 Nov 14 11:46:06
Todays movers to research $ADI $ISRG $RGLD $RAX I suggest http://t.co/2R4OrD4OBm
Keila Forte
21 Nov 14 11:44:29
Small-cap stocks breaking 52-wk high prices $RGLD $ROVI $DF $DO #NASDAQ http://t.co/vzEUPiW50Z
Stockaholics
21 Nov 14 11:21:55
578% Gains On Penny Stocks in one month! Plus a New Pick Is Coming: http://t.co/2W3yKD2d5Q $SAND $EC $RGLD
Henriette Hostetler
21 Nov 14 10:00:44
Small-cap stocks breaking 52-wk high prices $ETR $DEI $RGLD $SSO #financialnews http://t.co/pFRz8DaWxE
beealpagueur
21 Nov 14 08:51:28
@alpagueurbe $CDE still cheap confirmation signal of 14 november #STRONGBUY increase position $ssri $slw $rgld #coeurmining #silver
Forrest Cowles
21 Nov 14 08:20:13
Stocks I'm keeping my Eye on...should you? $DV $RGLD $CELG $ISRG #financialnews http://t.co/ed57i1ZV3f
FinSentS NASDAQ
21 Nov 14 07:34:12
$RGLD:US Osisko Gold Royalties Makes a Move for Virginia Mines, Becomes Takeover Target #ROYAL GOLD INC http://t.co/h4yB3kR8BU #NASDAQ
Sol Tillery
21 Nov 14 07:26:42
Awesome #Stock #Research on $PFG $ALR $RGLD $GRPN #personalfinance http://t.co/Bv0yQyaK8I
Ray Don Tilley
21 Nov 14 07:01:48
Closed out $AGQ $DGP winners on the pop, noticing $RGLD tell diving from the gap opening; time to watch for further tells...
Ray Don Tilley
21 Nov 14 07:01:48
Closed out $AGQ $DGP winners on the pop, noticing $RGLD tell diving from the gap opening; time to watch for further tells...
Penny Stock Secret
21 Nov 14 06:24:00
The Most Accurate Penny Stock Alert Service Made $54,000 Yesterday Click here http://t.co/SVqoMlijqL .. $SAND $EC $RGLD
Josiah Lopes
21 Nov 14 05:31:51
Small-cap stocks breaking 52-wk high prices $CNA $RGLD $WYNN $RAX #singedinvestor http://t.co/7NQtpAQMSu
Arielle Messer
21 Nov 14 05:18:55
Dont want to lose like you did with $SO $RGLD $KEY $BWP Visit http://t.co/9q0sJPHm0F
Keila Forte
21 Nov 14 05:10:03
Awesome #Stock #Research on $RGLD $TSCO $ONXX $GRPN #equity http://t.co/FMBqTQbQjj
Bail O'Nomics
21 Nov 14 05:08:18
Dutch Repatriate 122 Tons of Gold From the NY Fed $GG $XAUSD $AUY $IAU $EGO $RGLD $AUQ $PHYS $AEM $UGL $GORO http://t.co/P9YmXaErA6
chartguy89
21 Nov 14 04:22:00
RGLD 70.57 Stock Charts $RGLD Royal Gold Inc. (NASDAQ) Last Updated: 11/21/2014 06:22:04 RGLD Stock Chart - 1 http://t.co/uPaVJ1z7mg
TickerChirp
21 Nov 14 04:13:04
Popular Tweets Regarding $RGLD (Royal Gold Inc symbol RGLD) on 11/21/2014 http://t.co/QVHu4TksYx
Joetta Mccue
21 Nov 14 03:28:57
Avoid mistakes like $FOSL $RGLD $EGN $FB #personalfinance http://t.co/qcZrp584UB
Orson Manns
21 Nov 14 03:24:27
Todays Stocks you should be watching $BBY $RGLD $TEG $DO Must have http://t.co/SZJQczUcvQ
Cira Zeigler
21 Nov 14 03:04:00
Are you considering buying $C $DV $RGLD $GOOG I suggest http://t.co/Cc3pvVwDDV
12Stocks.com
21 Nov 14 03:03:18
Weekly MidCap #Stocks Performance $PAYX $ARCC $GLNG $MAC $DISH $CIE $WSM $RGLD $GHC $PBF $EXP $TAHO $EVHC more@ http://t.co/gYYX3fEVde
Joetta Lee
21 Nov 14 02:53:07
Are you Investing in $RGLD $ANSS $LYB $FB Worth a look ACCOUNT_SUSPENDED
Kia Granger
21 Nov 14 02:32:58
#Pennystock Research on $RGLD $PPS $OV $DUST View now ACCOUNT_SUSPENDED
Erwin Mosby
21 Nov 14 02:31:00
#Stocks to hold onto $MSG $ROP $RGLD $ABX #singedinvestor ACCOUNT_SUSPENDED
Lita Akers
21 Nov 14 02:23:38
$MU Bearish or Bullish on these #stocks $RGLD $TEG $YOD #Stock ACCOUNT_SUSPENDED
Jenee Lemons
21 Nov 14 01:50:37
#Stock Watchlist. Dont be left behind $HIG $TRW $RGLD $BLOX I suggest ACCOUNT_SUSPENDED
Katheryn Cooper
21 Nov 14 01:07:29
Great #Pennystock #research $ISRG $RGLD $SYY $DF #Stock http://t.co/aRQTdnvPem
Janella Butler
21 Nov 14 01:04:27
$HNT Buying or selling? $RGLD $DOW $DF Try this ACCOUNT_SUSPENDED
Marty Mccool
21 Nov 14 01:00:14
Get great research on stocks $RGLD $JEC $PRU $ABX I suggest ACCOUNT_SUSPENDED
Cami Clarke
21 Nov 14 00:41:52
Are you Bearish on these #stocks $SNV $CST $RGLD $CBM Try this http://t.co/WQgAGhbY1B
Frank Prescott
21 Nov 14 00:02:13
#Stocks you might want to sell $QEP $ALR $RGLD $GOOG Try this ACCOUNT_SUSPENDED
Stockaholics
20 Nov 14 23:53:23
578% Gains On Penny Stocks in one month! Plus a New Pick Is Coming: http://t.co/2W3yKD2d5Q $SAND $EC $RGLD
FinSentS NASDAQ
20 Nov 14 23:30:00
$RGLD:US Osisko Gold Royalties Makes a Move for Virginia Mines, Becomes Takeover Target #ROYAL GOLD INC http://t.co/AsUcCtF8bN #NASDAQ
Phylicia Stine
20 Nov 14 21:36:23
Are you Bearish on these #stocks $FOXA $UTHR $RGLD $PCLN #wealthmanagement http://t.co/6Rfkr5UaYy
Geralyn Bedard
20 Nov 14 21:35:35
Are you hanging on to $TE $RGLD $DPZ $PCLN Visit http://t.co/YO0w4aX3Rj
Sheba Li
20 Nov 14 20:36:25
Find more winners like $RGLD $CNH $NUS $DO #personalfinance ACCOUNT_SUSPENDED
Katheleen Ventura
20 Nov 14 20:00:08
Looking for the next winners like $SKT $RGLD $KORS $QLYS #NASDAQ http://t.co/GJtTQtd4jK
Stellan Tharp
20 Nov 14 19:58:11
Are you Bullish on these #stocks $V $RGLD $BR $CAG Worth a look http://t.co/9HxTjKihgd
				
				
By  +Follow October 17, 2013 10:28AM
Share:

Comments

 

blog comments powered by Disqus

About us

Equities.com is the most advanced interactive online social ecosystem for the financial industry, serving as a resource center and next-generation communication platform that connects self-directed investors with public issuers, market experts, and professional service providers and vendors. Registered members can leverage our exclusive proprietary research tools such as the Small-Cap Stars, which outperformed 90% of all small-cap mutual funds, and robust do-it-yourself E.V.A. research reports. The Equities.com Issuer Dashboard is the ideal tool to communicate and manage investor awareness campaigns to the investment community, as well as to access valuable resources to help your company grow.

Market Data powered by QuoteMedia.
Copyright © QuoteMedia. Data delayed 15 minutes unless otherwise indicated. Terms of Use.