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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
12Stocks.com
26 Feb 15 13:01:13
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26 Feb 15 12:20:21
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iHangout
26 Feb 15 12:08:51
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danrocks
26 Feb 15 12:04:26
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danrocks
26 Feb 15 12:04:04
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26 Feb 15 09:47:11
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clayton
26 Feb 15 09:39:51
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clayton
26 Feb 15 09:39:30
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26 Feb 15 09:01:23
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Market Int Center
26 Feb 15 09:00:50
Royal Gold $RGLD Showing Bullish Technicals With Resistance At $72.71 ( http://t.co/hHbcf06jUQ )
12Stocks.com
26 Feb 15 08:53:04
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26 Feb 15 08:51:04
$RGLD: Analyst Rating Update on Royal Gold, Inc USA): http://t.co/ZzgS4uGQmJ
BuckarooTrades
26 Feb 15 08:50:04
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BuckarooTrades
26 Feb 15 08:35:53
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BuckarooTrades
26 Feb 15 08:34:16
$RGLD bounced off 200 dma, bollinger bands inside keltner channel, MACD curling up above 0 line, RSI > 50. chart: http://t.co/43n80QSScB
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Jon Boorman, CMT
26 Feb 15 07:10:30
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Investors Hangout
25 Feb 15 23:20:23
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Investors Hangout
25 Feb 15 23:19:49
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lookn4wins
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25 Feb 15 21:24:53
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12Stocks.com
25 Feb 15 16:03:06
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24 Feb 15 19:17:53
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FinSentS NASDAQ
24 Feb 15 15:30:23
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23 Feb 15 06:01:02
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BreakingStocksNews
23 Feb 15 01:31:05
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21 Feb 15 15:29:05
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By  +Follow October 17, 2013 10:28AM
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