Silver prices were down 26 cents to $17.57 while copper prices were losing 1 cent to $3.016. Silver and copper were also suffering from fears of decreased demand from China. China raised the amount of money banks need to keep in their reserves by 50 basis points which takes currency out of circulation. With banks lending less, China's construction spending could slow and crimp demand for silver and copper.
Mining stocks, sometimes a more profitable way to invest in gold, were recovering along with broader equities. Barrick Gold (ABX) was up 0.49% to $43.13 while Newmont Mining (NEM) was down 0.15% to $54.22. Other large-cap miners Goldcorp (GG) and Kinross Gold (KGC) were down to $42.82 and $17.82, respectively. TD Newcrest downgraded Kinross to hold from buy after the company said it made 14 cents a share in the first quarter, which was below expectations.
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