Gold, Silver Inch Lower; Miners Bring Home More Losses

Silver Standard, Kinross Gold among Monday's biggest losers

   

Gold, Silver Inch Lower; Miners Bring Home More Losses

PreciousMetalsRecap Gold, Silver Inch Lower; Miners Bring Home More LossesGold futures traded 0.6% lower Monday, with a final bid of $1,610.10 per ounce, according to CME Group data. Gold prices reached a high of $1,625.20 and a low of $1,608.50. Gold bullion finished down at $1,612 per ounce for Monday’s trading session in London, according to BullionVault.

The cost of an ounce of gold bullion minus an ounce of platinum breached $230 an ounce Monday, a new record high for the gold-platinum premium.

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Silver futures were down 1% Monday, with a final bid of $27.77 per ounce. Monday’s high for silver reached $28.15, and the low was $27.69.

Gold and silver funds saw losses Monday.

  • The SPDR Gold Trust (NYSE:GLD) was down 0.8%.
  • The iShares Gold Trust (NYSE:IAU) was 0.8% lower.
  • The iShares Silver Trust (NYSE:SLV) dropped 1.3%.

Gold and silver mining ETFs also showed lower results.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) fell 1.4%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) finished 1.3% lower.
  • The Global X Silver Miners ETF (NYSE:SIL) dipped 0.5%.

Most gold mining shares dipped Monday, with Kinross Gold (NYSE:KGC) among the worst. NovaGold Resources (AMEX:NG) was the exception by bringing in mild gains.

  • Agnico-Eagle Mines (NYSE:AEM) was down 1%.
  • Barrick Gold (NYSE:ABX) finished 1.1% lower.
  • Eldorado Gold (NYSE:EGO) fell 1.2%.
  • Goldcorp (NYSE:GG) dipped 1.3%.
  • Kinross Gold was 2.3% lower.
  • Newmont Mining (NYSE:NEM) finished 1.2% lower.
  • NovaGold Resources gained 0.2%.
  • Yamana Gold (NYSE:AUY) finished down 1.8%.

Most silver mining shares brought in losses Monday, with Silver Standard Resources (NASDAQ:SSRI) leading the way. Silver Wheaton (NYSE:SLW) bucked the trend by showing slight gains.

  • Coeur d’Alene Mines (NYSE:CDE) dipped 0.8%.
  • Hecla Mining (NYSE:HL) fell 1.9%.
  • Pan American Silver (NASDAQ:PAAS) was 1% lower.
  • Silver Wheaton (NYSE:SLW) rose 0.2%.
  • Silver Standard Resources  plummeted 2.4%.

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-inch-lower-miners-bring-home-more-losses/.

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