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

By  +Follow October 17, 2013 10:28AM
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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.


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Results for RGLD
4-traders.com
24 Oct 14 14:20:08
Royal Gold USA : INC : Regulation FD Disclosure (form 8-K) http://t.co/s6THKhSrsv $RGLD
NASDAQ
24 Oct 14 14:19:14
$RGLD - Current Report Filing (8-k) http://t.co/7JD8AqxVzy
Instrumental Data
24 Oct 14 14:17:11
ROYAL GOLD INC $RGLD 8-K now available
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Market Int Center
24 Oct 14 08:13:35
Royal Gold $RGLD Showing Bearish Technicals With Resistance At $68.17 ( http://t.co/bfUMwOQKsq )
Stock Relay
24 Oct 14 07:08:15
stockblaster14: Stock Alerts: Royal Gold (RGLD) 66.78 $RGLD Royal Gold Acquires http://t.co/OGlItuTCOo
stockblaster14
24 Oct 14 07:06:51
Royal Gold (RGLD) 66.78 $RGLD Royal Gold Acquires Gold Stream on Euromax's Ilovitza Project Business Wire - Tu http://t.co/J27q3ohaOI
FonsieTrader
24 Oct 14 04:52:53
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24 Oct 14 03:15:02
Euromax Resources: Gold Streaming Deal Erodes NPV And IRR, But Sufficient Long-Term Potenti... http://t.co/5vTUwOH7MN $RGLD $EOXFF
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23 Oct 14 20:31:45
The Hottest Way to Make Millions From Stock Market.Click HERE http://t.co/SVqoMkrw2z .. $HCCI $RGLD $CLACU
Mark Freeman
23 Oct 14 13:23:53
$GLD update: $GLD $NEM $GDX $ABX $RGLD Gold is going to scream in a short time from now. I mean every one knows it is the only reality now.
DeStavster Cousins
23 Oct 14 12:19:09
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23 Oct 14 12:15:17
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23 Oct 14 10:52:23
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danrocks
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Investors Hangout
23 Oct 14 10:19:29
jim50: $RGLD High Date=Oct-23-2014 Open=66.4 High=66.72 http://t.co/Oij9jncQ6c
Investors Hangout
23 Oct 14 10:19:15
jim50: $RGLD High Date=Oct-23-2014 Open=66.4 High=66.72 http://t.co/QEnMZ8u41q
jim50
23 Oct 14 10:07:01
$RGLD High Date=Oct-23-2014 Open=66.4 High=66.72 Low=65 Close=65.43 Volume=208931 http://t.co/epAWDk2Lfc
leahanne
23 Oct 14 09:58:36
$TSCO Tractor Supply Company (TSCO) 70.23 +8.93 (+14.57%) $GGAL $X $RGLD http://t.co/DHogaeORxk
Investors Hangout
23 Oct 14 09:41:40
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Investors Hangout
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chartguy89
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Investors Hangout
23 Oct 14 09:19:49
danrocks: $NOW Is this one to watch? $MO $USO $RGLD $GOOGL http://t.co/2Lq3Rq2BNn
Investors Hangout
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Investors Hangout
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danrocks
23 Oct 14 09:09:56
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ArtMatters
23 Oct 14 09:01:09
RT @SeekingAlpha: Royal Gold's Latest Gold Stream Could Be Big http://t.co/rC4btUHnXb $EOXFF $RGLD
chartguy89
23 Oct 14 08:57:13
POT Stock Chart $POT $RGLD $UNP $UVXY http://t.co/3UX1jBdLQX http://t.co/2Y4YxkcHWt
Market Int Center
23 Oct 14 08:11:02
Royal Gold $RGLD Showing Resistance Near $69.58 ( http://t.co/GjKqSD8UCo )
Investors Hangout
23 Oct 14 08:08:47
chartguy89: NFLX Stock Chart $NFLX $RGLD $NKE $SWKS http://t.co/kaEfnddjga
Investors Hangout
23 Oct 14 08:08:28
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Investors Hangout
23 Oct 14 07:47:12
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Investors Hangout
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chartguy89
23 Oct 14 07:43:48
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lookn4wins
23 Oct 14 07:42:22
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Extreme Stocks
23 Oct 14 07:24:47
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leahanne
23 Oct 14 07:18:59
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Emylers
23 Oct 14 07:16:27
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Seeking Alpha
23 Oct 14 06:49:05
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NTI
23 Oct 14 05:22:08
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Jim Smythe
23 Oct 14 04:39:47
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4-traders.com
23 Oct 14 03:15:15
Euromax Resources : Announces US$175 million Gold Streaming Agreement with Royal Gold http://t.co/bVAOMlnsej $EOX $RGLD
Stockaholics
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Alysia Sarkisian
22 Oct 14 23:35:10
RT @SeekingAlpha: Royal Gold: Positive Post-Tax NPV From Its Agreement With Euromax Resources http://t.co/Lf8SJknYyH $EOXFF $RGLD
ArtMatters
22 Oct 14 23:34:13
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Seeking Alpha
22 Oct 14 23:32:56
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Stockaholics
22 Oct 14 11:45:20
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By  +Follow October 17, 2013 10:28AM
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