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Tickers in this Article: GLD, IAU, SLV, PPLT, PALL, SIL, GDX, GDXJ, JJC, COPX
New York, May 1st ( - While black gold, also known as oil, got a lift from some positive manufacturing data, the real gold did not experience a similar fate. Comex gold for June delivery fell $1.80, or 0.1%, at $1,662.40 a troy ounce after the Institute for Supply Management's factory index surged to 54.8 last month, easily topping the reading of 53 economists expected. The April reading is the highest since June 2011. The U.S. dollar index rose modestly on the day, hampering gold as well. While riskier assets were favor for most of Tuesday's trading session until a late-day sell-off significantly damaged gains for stocks, gold remained lethargic and failed to crack some stiff resistance at $1,670 an ounce. Some traders believe that if the yellow cannot notch a few consecutive closes above that important, buyers may throw in their towels, opening the door for short-sellers to send gold lower.

Action among most precious metals ETFs was unimpressive to say the least. The iShares Gold Trust (NYSE: IAU) lost a quarter of a percent while the SPDR Gold Shares (NYSE: GLD) gave up 0.35%. Silver is weak, to put it mildly. That's the best explanation for how the iShares Silver Trust (NYSE: SLV) could notch a small loss on a day when bullish manufacturing data was reported. Since half of silver's demand is tied to industry, the ISM report should have been supportive of some upside for the white metal. Alas, that was not the case.

Copper notched a modest gain despite news of the China Purchasing Managers' Index rising slightly in April. China is the world's largest buyer of the red metal, but the PMI number wasn't enough to keep copper from a one-cent gain. The iPath DJ-UBS Copper TR Sub-Index ETN (NYSE: JJC) added two cents while the Global X Copper Miners ETF (NYSE: COPX) popped higher by almost 1%.

The other white metals were a mixed bag as the ETFS Physical Palladium Shares (NYSE: PALL) lost 0.3% on volume that was slightly above the daily average. On the other hand, the ETFS Physical Platinum Shares (NYSE: PPLT) added 0.3% on volume that was well below the daily average.

Looking at the miners, the Global X Silver Miners ETF (NYSE: SIL) extended its wining streak and was able to close above the $21.50 mark, but volume was light for the first time in several days today. The Market Vectors Gold Miners ETF (NYSE: GDX) also booked a small light volume gain while the Market Vectors Junior Gold Miners ETF (NYSE: GDXJ) added 0.3% on strong turnover.

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