Gold Registers a Positive Week Despite Flat Friday

by Angela Nazworth | August 24, 2012 4:46 pm

[1]Gold futures were flat Friday, with a final bid of $1,669.80 per ounce, according to CME Group data[2]. 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[3].

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[4].

“Additional stimulus is inevitable, the question is how it comes,”  Charles Morris, who manages around $2.5 billion at HSBC Asset Management, told BullionVault[5]. “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[6]) showed marginal gains.
• The iShares Gold Trust (NYSE:IAU[7]) was 0.1% higher.
• The iShares Silver Trust (NYSE:SLV[8]) jumped 0.5%.

Gold and silver mining ETFs showed varied results.

• The Market Vectors Gold Miners ETF (NYSE:GDX[9]) rose 0.3%.
• The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[10]) was flat.
• The Global X Silver Miners ETF (NYSE:SIL[11]) finished 0.4% higher.

Gold mining shares were mixed Friday, with Kinross Gold (NYSE:KGC[12]) having a good day.

• Agnico-Eagle Mines (NYSE:AEM[13]) was up 0.2%.
• Barrick Gold (NYSE:ABX[14]) finished 0.7% lower.
• Eldorado Gold (NYSE:EGO[15]) fell 0.1%.
• Goldcorp (NYSE:GG[16]) rose 0.8%.
• Kinross Gold was 2.2% higher.
• Newmont Mining (NYSE:NEM[17]) finished up 0.4%.
• NovaGold Resources (AMEX:NG[18]) was down 1.1%.
• Yamana Gold (NYSE:AUY[19]) climbed 0.9%.

Silver mining shares were mixed Friday.

• Coeur d’Alene Mines (NYSE:CDE[20]) gained 1.2%.
• Hecla Mining (NYSE:HL[21]) dipped 0.3%.
• Pan American Silver (NASDAQ:PAAS[22]) fell 0.4%.
• Silver Wheaton (NYSE:SLW[23]) was flat.
• Silver Standard Resources (NASDAQ:SSRI[24]) dropped 0.9%.

As of this writing, Angela Nazworth did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[25] contributed to this report.

Source URL: https://investorplace.com/2012/08/gold-regsiters-a-positive-week-despite-flat-friday/

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