Flat Friday for Gold, Silver Inches Lower

Silver Standard beats analysts estimates but still falls

   

Flat Friday for Gold, Silver Inches Lower

PreciousMetalsRecap Flat Friday for Gold, Silver Inches LowerGold futures were flat Friday, with a final bid of $1,616.70 per ounce, according to CME Group data. Gold prices reached a high of $1,620 and a low of $1,614.10. Gold bullion traded at $1,619 per ounce for Friday’s trading session in London, according to BullionVault.

“The market is still moving on changing expectations of central bank actions,” ANZ Senior Commodity Strategist Nick Trevethan said. “[Gold in dollars] is so far unwilling to push prices out of the $1590 to $1630 range.”

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Silver futures were 0.7% lower Friday, with a final bid of $28 per ounce. Friday’s high for silver reached $28.29, and the low was $27.96.

Gold funds ticked up Friday, while iShares Silver Trust (NYSE:SLV) dipped. 

  • The SPDR Gold Trust (NYSE:GLD) was up 0.2%.
  • The iShares Gold Trust (NYSE:IAU) also was 0.2% higher.
  • The iShares Silver Trust slid 0.5%.

Gold and silver mining ETFs were mixed.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) climbed 0.7%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) finished 0.1% higher.
  • The Global X Silver Miners ETF (NYSE:SIL) stumbled 0.2% lower.

Most gold mining shares suffered losses Friday.

  • Agnico-Eagle Mines (NYSE:AEM) was up 0.9%.
  • Barrick Gold (NYSE:ABX) finished 0.3% lower.
  • Eldorado Gold (NYSE:EGO) dipped 0.7%.
  • Goldcorp (NYSE:GG) climbed 0.1%.
  • Kinross Gold (NYSE:KGC)  was 0.7% lower.
  • Newmont Mining (NYSE:NEM) fell 0.9%.
  • NovaGold Resources (AMEX:NG)  finished down 0.8%.
  • Yamana Gold (NYSE:AUY) dipped 0.7%.

Silver mining shares were mixed.

  • Coeur d’Alene Mines (NYSE:CDE) rose 0.1%.
  • Hecla Mining (NYSE:HL) was flat.
  • Pan American Silver (NASDAQ:PAAS) dipped 0.3%.
  • Silver Wheaton (NYSE:SLW) finished 0.8% higher.
  • Silver StandardResources (NASDAQ:SSRI) fell 2.5%, despite beating Street estimates with its second-quarter earnings.

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


Article printed from InvestorPlace Media, http://investorplace.com/2012/08/flat-friday-for-gold-silver-inches-lower/.

©2014 InvestorPlace Media, LLC

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