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A secular decline: Gold is still in a long-term downward trend (Part 1 of 2) Gold futures’ price action
April gold futures contracts trading on COMEX settled at $1,160.10 per ounce on Tuesday. COMEX is a commodity division of NYMEX (New York Mercantile Exchange). Prices tested the lows on November 12, 13, and 14, 2014. March 10, 2015, was the sixth down day in the last ten days. The average down days have been 0.39% more than the up days over the last ten trading sessions.
Gold hits 2015 lows
Gold prices for the April delivery settled at the day’s low—down by 0.55%. It hit the yearly low on March 10, 2015. The volume for the day totaled 170,223 contracts. It accelerated by 46,610 contracts from the last trading day.
Gold is in a long-term downward trend. It fell more than 40% from the highs in August 2011. A strong dollar and robust US economy led to a fall in gold prices. Gold’s trend has been downward in February and March 2015. It was driven by the same factors. On March 10, 2015, gold continued to trade lower due to a rising dollar. The dollar hit a 12-year high against the euro on the consensus of a rate hike by the Federal Reserve in the later half of 2015.
Key gold ETFs are affected due to lower gold prices. The ETFs include the Market Vectors Gold Miners ETF (GDX) and the iShares Gold Trust (IAU). It also impacts gold companies like Gold Fields Limited (GFI), Harmony Gold Mining Co. (HMY), and Royal Gold (RGLD). Royal Gold accounts for 4.2% of GDX.
Continue to Part 2 Browse this series on Market Realist:
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Royal Gold Inc.
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PRODUCER |
CODE : RGLD |
ISIN : US7802871084 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Royal Gold is based in United states of america. Royal Gold produces gold, copper, lead, silver and zinc in Argentina, in Bolivia, in Burkina Faso, in Canada, in Chile, in Guinea, in Mexico, in Nicaragua and in USA, develops copper, gold, lead, silver and zinc in Australia, in Burkina Faso, in Canada and in Chile, and holds various exploration projects in Argentina, in Bulgaria, in Canada and in Finland. Its main assets in production are BALD MOUNTAIN in USA, LIMON, LEEVILLE MINING COMPLEX and GOLDSTRIKE OPEN PIT in Nicaragua, DON MARIO (CERRO PELADO) and ROBINSON (NEVADA) in Bolivia, EL CHANATE, PEÑASQUITO, WHARF, MARIGOLD, DOLORES MINE, MULATOS MINE -ESTRELLA and GOLDSTRIKE UNDERGROUND in Mexico, SIGUIRI in Guinea, TAPARKO in Burkina Faso, MARTHA MINE in Argentina, ANDACOLLO HYPOGENE, TOQUI and ANDACOLLO in Chile and WILLIAMS, TWIN CREEKS, PIPELINE MINING COMPLEX and TROY in Canada, its main assets in development are GOLD HILL and PASCUA LAMA in Chile, HOLT MINE & MILL and PINE COVE (MINGS BIGHT) in Canada, BALCOOMA in Australia and BOUROUM in Burkina Faso and its main exploration properties are CANADIAN MALARTIC (QUEBEC), GOLDSTRIPE WILLA, MANHATTAN (WHITE CAPS) and CAMP BIRD MINE in Canada. Royal Gold is listed in Canada, in Germany and in United States of America. Its market capitalisation is US$ 8.1 billions as of today (€ 7.6 billions). Its stock quote reached its lowest recent point on February 28, 1992 at US$ 0.03, and its highest recent level on April 25, 2024 at US$ 124.19. Royal Gold has 65 455 293 shares outstanding. |