Gold, Silver Barely Move on Friday

Most miners see gains; Silver Standard brings home big losses

   

PreciousMetalsRecap Gold, Silver Barely Move on FridayGold futures about traded 0.1% higher Friday, with a final bid of $1,620 per ounce, according to CME Group data. Gold prices reached a high of $1,626.30 and a low of $1,617.30. Gold bullion finished up at $1,619 per ounce for Friday’s trading session in London, according to BullionVault.

“Bullion looks set to mark time until the Federal Reserve symposium [at Jackson Hole, Wyo.] at the end of the month, and to see how the [European Central Bank] intends to address the crisis in Europe,” ANZ senior commodities strategist Nick Trevethan told BullionVault.

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Silver futures were down 0.1% Friday , with a final bid of $28.06 per ounce. Friday’s high for silver reached $28.32, and the low was $27.53.

Gold trusts brought in slight gains Friday, but the iShares Silver Trust (NYSE:SLV) dipped a tad.

  • The SPDR Gold Trust (NYSE:GLD) was up 0.2%.
  • The iShares Gold Trust (NYSE:IAU) was 0.1% higher.
  • The iShares Silver Trust dropped 0.1%.

Gold and silver mining ETFs also showed varying higher results.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) climbed 0.7%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) finished 0.2% higher.
  • The Global X Silver Miners ETF (NYSE:SIL) fell 0.3%.

Gold mining shares brought in healthy gains Friday with NovaGold Resources (AMEX:NG) leading the way.

  • Agnico-Eagle Mines (NYSE:AEM) was up 0.1%.
  • Barrick Gold (NYSE:ABX) finished 1.3% higher.
  • Eldorado Gold (NYSE:EGO) climbed 0.8%.
  • Goldcorp (NYSE:GG) rose 0.5%.
  • Kinross Gold (NYSE:KGC) was 2.2% higher.
  • Newmont Mining (NYSE:NEM) finished 0.6% higher.
  • NovaGold Resources gained 3.6%.
  • Yamana Gold (NYSE:AUY) finished up 0.3%.

Silver mining shares were mixed on Friday. Silver Standard Resources (NASDAQ:SSRI) fared worst.

  • Coeur d’Alene Mines (NYSE:CDE) jumped 2.4%.
  • Hecla Mining (NYSE:HL) dipped 0.4%.
  • Pan American Silver (NASDAQ:PAAS) was 0.3% lower.
  • Silver Wheaton (NYSE:SLW) rose 0.4% amid news of decent second-quarter earnings.
  • Silver Standard Resources (NASDAQ:SSRI) plummeted 3.4% even though its second-quarter results narrowly beat analysts estimates.

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-silver-barely-move-on-friday/.

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