HL - Miner stocks plunge as surging Treasury yields sink gold silver prices

2023-08-01 18:50:25 ET

• Precious metals miners were one of Tuesday's weakest performing stock groups, falling with gold and silver prices as the dollar firmed and U.S. Treasury yields moved higher through the yield curve.
• The 30-year yield jumped 9 bps to 4.10%, the highest since November, the 10-year yield settled back above 4%, rising 9 bps to a five-month high 4.05%, and the two-year yield added 5 bps to 4.91%.
• Front-month Comex gold ( XAUUSD:CUR ) for August delivery closed -1.5% to $1,940.70/oz in its largest one-day percentage decline since April 14, and August silver ( XAGUSD:CUR ) settled -2.6% to $24.208/oz.
• ETFs: ( NYSEARCA: GLD ), ( NYSEARCA: GDX ), ( GDXJ ), ( IAU ), ( NUGT ), ( PHYS ), ( GLDM ), ( AAAU ), ( SGOL ), ( BAR ), ( OUNZ ), ( NYSEARCA: SLV ), ( PSLV ), ( SIVR ), ( SIL ), ( SILJ ), ( SLVP )
• Gold had closed Monday at its highest level since May after tallying its best month since March.
• SilverCrest Metals ( SILV ) was the day's biggest loser, -22.1% after also getting a downgrade at Stifel , which cited sharply rising operating costs.
• Other decliners included ( GFI ) -12% , ( AU ) -10.2% , ( SBSW ) -8.4% , ( CGAU ) -6.6% , ( EQX ) -5.8% , ( HMY ) -5.3% , ( MAG ) -5.1% , ( EXK ) -4.8% , ( IAG ) -4.4% , ( NGD ) -4.3% , ( HL ) -4.3% , ( AG ) -4.2% , ( FSM ) -4.2% , ( CDE ) -4.2% , ( KGC ) -4.2% , ( AGI ) -3.8% , ( PAAS ) -3.5% , ( AEM ) -3.4% .
• More analysis on gold and silver:
• Gold Still Looks Pricey Based On A 'Fair Value' Model
• $4,000 Gold Is Still Possible After The Fed Starts Easing
• SLV: Wait For The Big Spike

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