Gold Registers a Positive Week Despite Flat Friday

Silver up; mining stocks finish with a mixed showing

   

PreciousMetalsRecap Gold Registers a Positive Week Despite Flat FridayGold futures were flat Friday, with a final bid of $1,669.80 per ounce, according to CME Group data. Gold prices reached a high of $1,672.80 and a low of $1,662.60. Gold bullion finished at $1,671 per ounce for Friday’s session in London.

Despite today’s mediocre performance, gold finished the week on a high note thanks to yesterday’s surge amid hints that QE is on the way.

gold bars flickr 630 200x200 Gold Registers a Positive Week Despite Flat Friday
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“Additional stimulus is inevitable, the question is how it comes,”  Charles Morris, who manages around $2.5 billion at HSBC Asset Management, told BullionVault. “There’s no doubt about it, this is gold’s moment. All the long-term trend signals suggest that gold is in a very strong bull market.”

Silver futures climbed 0.5% Friday, with a final bid of $30.62 per ounce. Friday’s high for silver reached $30.70, and the low was $30.19.

Gold and silver funds ticked up Friday.

  • The SPDR Gold Trust (NYSE:GLD) showed marginal gains.
  • The iShares Gold Trust (NYSE:IAU) was 0.1% higher.
  • The iShares Silver Trust (NYSE:SLV) jumped 0.5%.

Gold and silver mining ETFs showed varied results.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) rose 0.3%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) was flat.
  • The Global X Silver Miners ETF (NYSE:SIL) finished 0.4% higher.

Gold mining shares were mixed Friday, with Kinross Gold (NYSE:KGC) having a good day.

  • Agnico-Eagle Mines (NYSE:AEM) was up 0.2%.
  • Barrick Gold (NYSE:ABX) finished 0.7% lower.
  • Eldorado Gold (NYSE:EGO) fell 0.1%.
  • Goldcorp (NYSE:GG) rose 0.8%.
  • Kinross Gold was 2.2% higher.
  • Newmont Mining (NYSE:NEM) finished up 0.4%.
  • NovaGold Resources (AMEX:NG) was down 1.1%.
  • Yamana Gold (NYSE:AUY) climbed 0.9%.

Silver mining shares were mixed Friday.

  • Coeur d’Alene Mines (NYSE:CDE) gained 1.2%.
  • Hecla Mining (NYSE:HL) dipped 0.3%.
  • Pan American Silver (NASDAQ:PAAS) fell 0.4%.
  • Silver Wheaton (NYSE:SLW) was flat.
  • Silver Standard Resources (NASDAQ:SSRI) dropped 0.9%.

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/gold-regsiters-a-positive-week-despite-flat-friday/.

©2014 InvestorPlace Media, LLC

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