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. To read our full disclosure, please go to: http://www.equities.com/disclaimer


Signup for our daily newsletter and get our best articles emailed right to you!

Results for RGLD
StockenheimerSchmidt
28 May 15 00:50:41
Our Pick On $VGTL Is Moving Fast And Broke It's One Day Record Volume Level! Special Update: http://t.co/RdlD84A2Ko $SAND $EC $RGLD
IH News Desk
28 May 15 00:46:04
RGLD Royal Gold, Inc. Prev Close http://t.co/9EQ9I40Pfi $RGLD $QLD $CELG $XLY #RGLD #stockmarket #stockmarket
DennyT
28 May 15 00:42:37
LCI Lannett Co., Inc. Shares http://t.co/EBEscqAfMV $LCI $AMPE $WMT $RGLD #LCI #investing #share
Stock Dawgzz
28 May 15 00:42:26
Our Penny Stock Pick On $VGTL Today Closed Up 28.57% & Saw It's Highest Volume In 10 Years! Big News: http://t.co/5QjMLZoKmN $SAND $EC $RGLD
nasdaqfan
28 May 15 00:38:07
ERF Enerplus Corp. Yield http://t.co/CeGTOmwtbH $ERF $RGLD $BDCO $LATF #ERF #tradeideas #pennystocks
Emylers
28 May 15 00:38:07
EEM iShares MSCI Emerging Markets Current Price http://t.co/F6cYe70JGK $EEM $RGLD $DRYS $CERN #EEM #nasdaq #share
leahanne
28 May 15 00:32:07
ACAD Acadia Pharmaceuticals Inc. Dividend http://t.co/nopzXl4yPt $ACAD $MU $OIL $RGLD #ACAD #stock #pennystocks
nasdaqfan
27 May 15 22:46:34
TLT Direxion Daily 20 Year Plus Treasury Bull 3x Shares Last Trade http://t.co/GABLkzvDEK $TLT $RGLD $SMN $BKLN #TLT #invest #investing
Emylers
27 May 15 22:46:04
SMH ProShares UltraShort Basic Materials Chart http://t.co/JKtokoHAcl $SMH $RGLD $DIS $FV #SMH #tradeideas #investing
danrocks
27 May 15 22:45:08
RGLD Royal Gold, Inc. Volume http://t.co/Z6wYX8v9yt $RGLD $UCBI $AZFL $FNMA #RGLD #pennystocks #share
Penny Stocks Blog
27 May 15 22:42:28
RT @stock_forums: JNPR Juniper Networks News http://t.co/mnITYlwdjb $JNPR $MU $RGLD $JPM #JNPR #pennystocks #stockmarket
Stock Forums
27 May 15 22:40:05
JNPR Juniper Networks News http://t.co/mnITYlwdjb $JNPR $MU $RGLD $JPM #JNPR #pennystocks #stockmarket
Investors Hangout
27 May 15 21:45:35
SLV Market Vectors Semiconductor EOD Data http://t.co/GuW5nrueOz $SLV $NEM $RGLD $MA #SLV #share #finance
Lucky Jimmy
27 May 15 21:45:35
SLB Solar3D, Inc. Ideas http://t.co/i308axnvct $SLB $ADMD $RGLD $CVX #SLB #stockmarket #stock
IH News Desk
27 May 15 21:45:06
RGLD Transocean, Inc. Ask Size http://t.co/ZFnmr5SWHr $RGLD $PWT.TO $NEM $SOXL #RGLD #share #tradeideas
Emylers
27 May 15 21:45:05
RGLD Transocean, Inc. Prev Close http://t.co/hi4NOXzjh9 $RGLD $DIS $GMCR $INTC #RGLD #tradeideas #stockmarket
IH News Desk
27 May 15 21:45:04
RGLD Transocean, Inc. P/E Ratio http://t.co/UZVcEshg2Z $RGLD $ADBE $AZFL $SLTD #RGLD #stockmarket #stock
Rosner Stocks
27 May 15 21:45:04
RGLD Transocean, Inc. Summary http://t.co/HhqlTwr0Vi $RGLD $ISR $SLTD $CMG #RGLD #tradeideas #share
DennyT
27 May 15 21:45:03
RGLD Transocean, Inc. Chart http://t.co/vW170dAewO $RGLD $CLF $CTXS $BRWC #RGLD #share #tradeideas
leahanne
27 May 15 21:43:35
PPCH Prothena Corp. Stock Forum http://t.co/WPdNY7k1G0 $PPCH $BSX $RGLD $SOXL #PPCH #stock #nasdaq
Investors Hangout
27 May 15 21:42:33
NYMX Market Vectors Oil Services Investor Opinions http://t.co/cWebaGfW14 $NYMX $HDSI $RGLD $PWT.TO #NYMX #stock #pennystocks
Emylers
27 May 15 21:40:37
KFX Carmax Inc. Day High http://t.co/4pliSVsF2o $KFX $MCP $PANW $RGLD #KFX #pennystocks #share
Rosner Stocks
27 May 15 21:40:06
INFN Intel Corp. Short Sales http://t.co/3hMDupaJXA $INFN $TAN $NUGT $RGLD #INFN #stock #tradeideas
jim50
27 May 15 21:38:07
GILD SPDR Gold Trust Shares Bid http://t.co/vQGjmr7y29 $GILD $RGLD $XLF $RGLD #GILD #pennystocks #invest
IH NASDAQ OMX
27 May 15 21:38:04
GDXJ General Electric Co. P/E Ratio http://t.co/QCTn8uFsLh $GDXJ $RGLD $YY $SMH #GDXJ #pennystocks #stocks
nasdaqfan
27 May 15 21:37:36
GDX Market Vectors Junior Gold Miners Message Board Posts http://t.co/JM2ZblzQsH $GDX $IWM $SMN $RGLD #GDX #stocks #invest
Jake13
27 May 15 21:36:35
EVTC South Korea iShares Financials http://t.co/aXDiBMr81t $EVTC $SBUX $HZNP $RGLD #EVTC #tradeideas #invest
Lucky Jimmy
27 May 15 21:35:07
CVX 3D Systems Corp. Filings http://t.co/REhtYEvGss $CVX $EBIX $AMGN $RGLD #CVX #pennystocks #nasdaq
lookn4wins
27 May 15 21:34:36
CA Caterpillar, Inc. % Change http://t.co/lzSBZrGbfw $CA $IBM $UA $RGLD #CA #finance #stock
danrocks
27 May 15 21:34:35
CAT Celgene Corp. Company Info http://t.co/UzDz8JXIH5 $CAT $RGLD $GLD $DIS #CAT #stocks #finance
lookn4wins
27 May 15 21:33:34
ARIA db X-Trackers Harvest CSI 300 China A-Shares Fund Change http://t.co/3pSD0O00qN $ARIA $RGLD $CAT $IBM #ARIA #pennystocks…
lookn4wins
27 May 15 21:33:25
AMZN ARIAD Pharmaceuticals, Inc. 52Wk Low http://t.co/aN4xzAAhJj $AMZN $RGLD $CELG $VGK #AMZN #stocks #stocks
Jake13
27 May 15 21:33:09
AVGO Amazonas Florestal, Ltd. Ask Size http://t.co/keQgHBwRl8 $AVGO $CLF $BIIB $RGLD #AVGO #investing #stockmarket
Stock_Tracker
27 May 15 21:32:07
AGEN Active Health Foods, Inc. Prev Close http://t.co/MBK1WSACHc $AGEN $RGLD $XOM $EVTC #AGEN #stocks #nasdaq
Emylers
27 May 15 21:31:34
ABC AmerisourceBergen Corp. 52Wk Low http://t.co/FmyVduwRcg $ABC $YY $SLB $RGLD #ABC #stockmarket #tradeideas
leahanne
27 May 15 21:31:34
AA Alcoa, Inc. Tick http://t.co/Khg4yN23Bl $AA $AMED $FXC $RGLD #AA #invest #tradeideas
Capital Market Labs
27 May 15 19:56:59
$RGLD Gross Margin is Decreasing. #CML_RGLD #CML_Gross_Margin http://t.co/3MP8VzejbX http://t.co/sg6cIKikDJ
Penny Stockington
27 May 15 15:29:11
Our Penny Stock Alerts Gained Over 3400% For Subscribers In 7 Months! See Our New Picks: http://t.co/nLJyVU6RRw $SAND $EC $RGLD
Stock Rocket
27 May 15 15:26:21
Our Stock Alerts Gained Over 1300% In Less Than 3 Months! See Our New Picks: http://t.co/keLIhbtrUQ $SAND $EC $RGLD
Stockaholics
27 May 15 15:25:34
Our Penny Stock Pick On $THCZ Is Up 570.77% For Platinum Members! Big Update: http://t.co/dXhKtfZvCq $SAND $EC $RGLD
InvestWithConf
27 May 15 09:48:02
$RGLD is rated BUY, 26.7% upside by Wall Street analysts based on average ratings/targets http://t.co/1pl4MJ9EuM http://t.co/54cs2N4cWz
Shiraz Lakhi
27 May 15 09:06:42
Mining #stocks trading UP > 2% on STRONG relative-volume: $AKG $DDC $NOR $MCP $RGLD ++ (click "View") http://t.co/Ql0DrpUXgG
Penny Stock Secret
27 May 15 08:55:04
Yesterday We Made $54,000 In Just One Trade More Info Here http://t.co/SVqoMkrw2z .. $SAND $EC $RGLD
Penny Stock Secret
27 May 15 06:26:24
Don't Wait Untill 2016 To Realize This POWERFUL Stock Alert Service! $240,000 GAINS! http://t.co/NovWYe2RAx .. $HCCI $RGLD $CLACU
StockenheimerSchmidt
27 May 15 03:54:39
3400% Gains On Penny Stock Picks In 7 Months & A New One Is Coming Today! See It Early: http://t.co/RdlD84irlO $SAND $EC $RGLD 3400
stockschamp
26 May 15 22:27:54
Ranks #1 with over 80% in alert gains today. Click here http://t.co/8WvnrVmkBS .. $SAND $EC $RGLD
Stockaholics
26 May 15 18:23:27
Our Penny Stock Pick On $THCZ Is Up 570.77% For Platinum Members! Big Update: http://t.co/dXhKtfZvCq $SAND $EC $RGLD
ProTradersNews
26 May 15 07:28:05
$RGLD: Stock Update – Royal Gold, Inc. (NASDAQ:RGLD): http://t.co/nkOxkojbHu
PolgarStocks
26 May 15 06:51:20
XLB Materials Select Sector SPDR Tick http://t.co/Zp2S8rmWNb $XLB $MCP $IWM $RGLD #XLB #stocks #finance
leahanne
26 May 15 06:49:36
XLE Energy Select Sector SPDR Ask Size http://t.co/sC77xVJxoU $XLE $FNMA $PPCH $RGLD #XLE #stocks #share
				
				
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.

Login or Register

LOG IN