Gold Registers a Positive Week Despite Flat Friday

Silver up; mining stocks finish with a mixed showing

   

Gold Silver GLD IAU SLVGold 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.

Dig Up This Golden Trade
Dig Up This Golden Trade

“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/.

©2016 InvestorPlace Media, LLC

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