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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
PolgarStocks
31 Jan 15 02:02:44
$RGLD Percent Change Updated Saturday, January 31, 2015 04:07:41 AM $QLD $CDE $VLO $NTEK http://t.co/AW75lcpsHQ
Langan Stocks
31 Jan 15 01:44:34
$ABBV Filings Updated Saturday, January 31, 2015 04:03:34 AM $GDX $RGLD $NBG $SBUX http://t.co/YkrFLkbSwv
Langan Stocks
30 Jan 15 23:43:11
$OCN Percent Change Updated Saturday, January 31, 2015 02:03:34 AM $GDXJ $RGLD $PBR $CXDC http://t.co/AnVsV62rDE
clayton
30 Jan 15 21:44:56
RGLD 72.46 Royal Gold $RGLD added to my watch list. Right now with RGLD I am watching the last price 72.46 Hig http://t.co/fHszcesZr4
clayton
30 Jan 15 21:44:35
$RGLD RGLD 72.46 Royal Gold $RGLD stock added to my watch list. Right now with RGLD I am watching the last price 72. http://t.co/BLc7g3eFRt
IH News Desk
30 Jan 15 20:58:36
$AMGN Recent News Updated Friday, January 30, 2015 11:11:48 PM $IDRA $DRYS $RGLD $IWM http://t.co/aPrBiT1QZX
Langan Stocks
30 Jan 15 20:40:36
$ABT Recent News Updated Friday, January 30, 2015 11:03:34 PM $BIIB $BIB $IVV $RGLD http://t.co/EINnhKRtfB
Langan Stocks
30 Jan 15 20:40:34
$GE Stock Forum Updated Friday, January 30, 2015 11:03:34 PM $RGLD $MMM $FEYE $COH http://t.co/genImRHeFJ
Langan Stocks
30 Jan 15 19:40:13
$UGAZ Filings Updated Friday, January 30, 2015 10:03:33 PM $DIA $T $RGLD $VXX http://t.co/GManfBEOiZ
Langan Stocks
30 Jan 15 19:40:07
$RGLD Financials Updated Friday, January 30, 2015 10:03:33 PM $MYEC $CPRX $QLD $RGDO http://t.co/lsy5EGWdgY
Stock Rocket
30 Jan 15 18:11:13
Our Penny Stock Picks Gained an overall 160% This Week! New Picks Coming: http://t.co/vJR8lXzozx $SAND $EC $RGLD
ProTradersNews
30 Jan 15 15:11:04
$RGLD: Royal Gold, Inc USA) Price Target Raised to $85.00 at Barclays ...: http://t.co/5ag6F3NNaD
WKRB News
30 Jan 15 15:03:37
Royal Gold, Inc USA Price Target Raised to $85.00 at Barclays $RGLD http://t.co/7wNJfQLdQ9
US Banking News
30 Jan 15 14:57:39
Barclays Increases Royal Gold, Inc USA Price Target to $85.00 $RGLD http://t.co/zCCCuY032k
The Legacy News
30 Jan 15 14:27:06
Barclays Boosts Royal Gold, Inc USA Price Target to $85.00 $RGLD http://t.co/ERsGKj5sTW
Analyst Ratings
30 Jan 15 14:02:48
Royal Gold, Inc USA)'s PT raised by Barclays to $85.00. overweight rating. http://t.co/1VHS3J5g0F $RGLD #RGLD
US Consumer News
30 Jan 15 14:02:34
Royal Gold, Inc USA)'s PT raised by Barclays to $85.00. overweight rating. http://t.co/S5ccUJIN0c $RGLD #RGLD
Langan Stocks
30 Jan 15 11:34:12
$CSII Investor Opinions Updated Friday, January 30, 2015 2:03:35 PM $UNH $FXA $RGLD $CAT http://t.co/KFdClwBhcj
Langan Stocks
30 Jan 15 11:34:11
$RGLD News Updated Friday, January 30, 2015 2:03:35 PM $EWJ $NTEK $TNA $BAC http://t.co/NHsaZVHk4F
China Trader
30 Jan 15 10:18:47
Top 4 #Stocks In The #Gold Industry With The Highest #EPS $GOLD $KGJI $RGLD http://t.co/RR5Iun5zWn
Leni
30 Jan 15 09:55:47
@cirrusdriver I am looking for a re-entry in $RGLD Look at $GOLD non-stop (had sold that already)
Leni
30 Jan 15 09:52:02
Good bounces in $GLD and miners today $RGLD leader + $GLD both finding support at 200d
Stock Rocket
30 Jan 15 09:44:25
After 140% Gains On Alerts In 4 Days, $ETBI Is Our New Penny Stock Pick! Check It Out: http://t.co/CCkNDZnoyc $SAND $EC $RGLD
FlashRatingsHOT
30 Jan 15 09:23:53
$RGLD has 3 analyst ratings in the last 7 days. Median target: $83.5 https://t.co/tHayUcn4fm #RGLD
IH News Desk
30 Jan 15 07:48:10
$RGLD Recent News Updated Friday, January 30, 2015 10:11:50 AM $FNMA $NTEK $RSX $MS http://t.co/blyRmIdjin
GonnaGetUgly
30 Jan 15 07:21:01
I want you all to apologize for what you did to $RGLD yesterday.
InterCooler
30 Jan 15 07:18:27
Royal Gold, Inc USA $RGLD Announces Quarterly Earnings Results http://t.co/iMXg6wqMew
Langan Stocks
30 Jan 15 06:29:49
$RGLD News Updated Friday, January 30, 2015 09:03:33 AM $DIA $SLV $SVXY $IDRA http://t.co/wjFALpDOCH
Stockaholics
30 Jan 15 05:52:00
Yesterday's's Mid-Day Penny Stock Pick On $ETBI gained 23.27% for us! Big News: http://t.co/HIV8wkY6AM $SAND $EC $RGLD
IH News Desk
30 Jan 15 05:45:11
$DUST Last Price Updated Friday, January 30, 2015 08:11:47 AM $RSX $SDS $RGLD $GOOG http://t.co/1QicPN4e0l
Rosner Stocks
30 Jan 15 05:45:08
$JNJ Short Sales Updated Friday, January 30, 2015 07:59:25 AM $RGLD $AMGN $FXY $FXI http://t.co/TGRikBV8i7
IH News Desk
30 Jan 15 05:45:07
$RGLD Last Price Updated Friday, January 30, 2015 08:11:47 AM $RYE $QCOM $DBC $NEM http://t.co/1swUordA6P
Mont L
30 Jan 15 05:25:03
Top 4 Stocks In The Gold Industry With The Highest EPS $GOLD $KGJI $RGLD http://t.co/BHtLyU7q6K via @benzinga
Jason Olive
30 Jan 15 04:51:18
RT @SeekingAlpha: Update: Royal Gold Reports Rising Revenues, Operating Profits In Q2 2015 http://t.co/qU6VPARePK $RGLD
FOREX Insight
30 Jan 15 04:44:14
RT @SeekingAlpha: Update: Royal Gold Reports Rising Revenues, Operating Profits In Q2 2015 http://t.co/qU6VPARePK $RGLD
PolgarStocks
30 Jan 15 04:44:08
$RYE Stock Forum Updated Friday, January 30, 2015 07:07:41 AM $ABBV $RSX $TZA $RGLD http://t.co/NwLdRu3sOo
Investing Philosophy
30 Jan 15 04:43:57
RT @SeekingAlpha: Update: Royal Gold Reports Rising Revenues, Operating Profits In Q2 2015 http://t.co/qU6VPARePK $RGLD
IH News Desk
30 Jan 15 04:43:40
$QLD Reviews Updated Friday, January 30, 2015 07:11:48 AM $CSCO $VGK $XLB $RGLD http://t.co/vjPrwWVOAF
Seeking Alpha
30 Jan 15 04:36:38
Update: Royal Gold Reports Rising Revenues, Operating Profits In Q2 2015 http://t.co/qU6VPARePK $RGLD
Rosner Stocks
30 Jan 15 03:43:09
$HAL Recent News Updated Friday, January 30, 2015 05:59:24 AM $CHL $TASR $IBB $RGLD http://t.co/WlYTWRMZi3
Langan Stocks
30 Jan 15 03:27:10
$IDRA Investor Opinions Updated Friday, January 30, 2015 06:03:32 AM $DGAZ $RGLD $TIP $QCOM http://t.co/WIBPV8F05f
Penny Stock Secret
30 Jan 15 02:54:13
Turn $1000 Into Million Dollars In Less Than a Year! http://t.co/vezCDY95do .. $SAND $EC $RGLD
PolgarStocks
30 Jan 15 02:43:19
$RGLD Financials Updated Friday, January 30, 2015 05:07:40 AM $GILD $SMN $HYG $DXJ http://t.co/XXKgHKAUMN
IH News Desk
30 Jan 15 01:41:06
$ECIG Stock Forum Updated Friday, January 30, 2015 04:11:41 AM $RGLD $SQQQ $CHL $SDS http://t.co/e9hUfoauNm
StockNewsWires
30 Jan 15 01:36:03
$RGLD: Update: Royal Gold, Inc USA) Short Interest Disclosure: http://t.co/ElVxGz468P
Langan Stocks
30 Jan 15 00:25:16
$RGLD Opinions Updated Friday, January 30, 2015 03:03:33 AM $GENE $VTI $UGAZ $CELG http://t.co/EFnhALDsae
PolgarStocks
29 Jan 15 23:40:50
$ABX Investor Opinions Updated Friday, January 30, 2015 02:07:37 AM $DXJ $RGLD $IDRA $ABT http://t.co/0uqSUay6d7
IH News Desk
29 Jan 15 23:40:07
$BIDU Last Price Updated Friday, January 30, 2015 02:11:44 AM $BAC $RGLD $AGG $CHL http://t.co/lpzqasEO6s
StockNewsWires
29 Jan 15 23:36:03
$RGLD: Royal Gold, Inc USA) Stock Price Down 6.4% on Disappointing ...: http://t.co/2s7KDTQZRA
InterCooler
29 Jan 15 23:33:21
Royal Gold, Inc USA Stock Price Down 6.4% on Disappointing Earnings $RGLD http://t.co/SRy7jwLqU6
				
				
By  +Follow October 17, 2013 10:28AM
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