Precious Metals Take a Tumble

- May 15th, 2018

Morning Market Breakdown, May 15: As the major indexes struggled in red, gold and silver prices saw some heavy blows Tuesday morning.

The S&P/TSX Composite Index (INDEXTSI:OSPTX) saw strong Monday (May 14) results as the index grew 102.29 points to close at 16,085.61. The index’s strength quickly waned on Tuesday (May 15) morning as it lost 20.75 points to hit 16,064.86.

The S&P/TSX Venture Composite Index (INDEXTSI:JX) picked up 7.4 points to reach 790.31 by Monday’s close. Tuesday morning saw losses of 9.11 points as the index landed at 781.2.

The TSX found gains in energy, up 2.1 percent, consumer discretionaries, up 1.9 percent, and healthcare, up 1.3 percent yesterday. Suncor (TSX:SU) and Imperial Oil (TSX:IMO) boosted 3.5 percent and 2 percent respectively for the energy sector, while Canopy Growth (TSX:WEED) and Cipher Pharmaceutical (TSX:CPH) picked up 6.8 percent and 1.5 percent respectively for healthcare.

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The Dow Jones Industrial Average (INDEXDJX:.DJI) simmered from early day highs to close Monday with a 68.24-point boost to 24,899.41. The index went flying downwards on Tuesday morning however, as it dropped 213.61 points to fall to 24,685.8.

The S&P 500 (INDEXSP:.INX) made small strides forward on Monday with a 2.41-point push ahead, ending the day at 2,730.13. The gains skidded to a halt on Tuesday morning, as the S&P 500 dropped 25.27 points to hit 2,704.86.

Despite losses in real estate, industrials and telecoms, energy and healthcare helped keep the S&P 500 in the green with gains of 0.6 percent and 0.7 percent respectively. Meanwhile, Xerox (NYSE:XRX) took a 4.3 percent tumble yesterday when the company stepped away from a $6.1-billion merger deal with Fujifilm.

Note: All numbers shown above were accurate as of 10:00 a.m. EST.

Daily metals

Gold took a small fall on Monday when it closed at US$1,318.2 per ounce. It went tumbling on Tuesday morning when it dropped to US$1,293.1. Silver closed in the red on Monday at US$16.64 per ounce. The precious metal hit an especially harsh snag on Tuesday morning when it collapsed to US$16.23.

Copper had a small slip-up on Monday when it closed at US$3.09 per pound. It continued to struggle on Tuesday morning as it reached US$3.04.

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Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.

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