Thursday Slow for Gold, Silver Futures; NovaGold Pummeled

by Angela Nazworth | July 26, 2012 5:07 pm

[1]NovaGold Resources (AMEX:NG[2]) was pummeled by the close of Thursday trading after a joint venture with Barrick Gold (NYSE:ABX[3]) fell through. At the closing bell, NG shares had lost more than a quarter of their value.

Gold futures about traded 0.4% higher Thursday with a final bid of $1,615.10 per ounce, according to CME Group data[4]. Gold prices reached a high of $1,621.50 and a low of $1,600.20. Gold bullion ended higher trading at $1,617 per ounce for Thursday’s trading session in London, according to BullionVault[5].

“Gold has shown itself sensitive to monetary policy announcements this year and any indication of further easing would buoy gold prices,” HSBC precious metals analyst James Steel said in reference to Friday’s release of second-quarter U.S. economic growth data.

Silver futures were flat, with a final bid of $27.46 per ounce. Thursday’s high for silver prices reached $27.69, and the low was $27.45.

Gold and silver trusts ticked upward Thursday.

• The SPDR Gold Trust (NYSE:GLD[6]) was up 0.7%.
• The iShares Gold Trust (NYSE:IAU[7]) also was up 0.7%.
• The iShares Silver Trust (NYSE:SLV[8]) climbed 0.7% as well.

Gold and silver mining ETFs jumped Thursday with the Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[9]

) ripping off strong gains.

• The Market Vectors Gold Miners ETF (NYSE:GDX[10]) climbed 2.1%.
• The Market Vectors Junior Gold Miners ETF was up 4.1%.
• The Global X Silver Miners ETF (NYSE:SIL[11]) was 3.2% higher.

Most gold mining shares brought in varying results Thursday. Agnico-Eagle Mines (NYSE:AEM[12]) shares saw a tremendous boost after its second-quarter earnings beat analyst expectations.

• Agnico-Eagle Mines was up 8.1%.
• Barrick Gold (NYSE:ABX[3]) was 3.2% lower.
• Eldorado Gold (NYSE:EGO[13]) was flat.
• Goldcorp (NYSE:GG[14]) jumped 5.8%.
• Kinross Gold (NYSE:KGC[15]) was 4.2% higher.
• Newmont Mining (NYSE:NEM[16]) rose 0.6%.
• NovaGold Resources was 25.3% lower.
• Yamana Gold (NYSE:AUY[17]) was up 5%.

Silver mining shares showed broad gains Thursday.

• Coeur d’Alene Mines (NYSE:CDE[18]) was up 1.1%.
• Hecla Mining (NYSE:HL[19]) was 2.5% higher.
• Pan American Silver (NASDAQ:PAAS[20]) was 0.6% higher.
• Silver Wheaton (NYSE:SLW[21]) jumped 2.7%.
• Silver Standard Resources (NASDAQ:SSRI[22]) gained 2.3%.

As of this writing, Angela Nazworth did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[23] contributed to this report.

Source URL: https://investorplace.com/2012/07/slow-day-for-gold-silver-novagold-pummeled/

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