Gold, Silver Take Baby Steps; Some Miners Take Big Strides

by Angela Nazworth | August 20, 2012 4:40 pm

[1]Gold futures were were up 0.2% Monday, with a final bid of $1,620.30 per ounce, according to CME Group data[2]. Gold prices reached a high of $1,621.50 and a low of $1,615.30. Gold bullion traded at $1,623 per ounce for Monday’s session in London, according to BullionVault[3].

Gold bullion transferred between major bullion banks fell 6.4% in July compared to a month earlier, according to the London Bullion Market Association[4]. Year-on-year, the fall was 9%, although the number of individual transfers rose by nearly a third.

Silver futures also were up 0.2% Monday, with a final bid of $28.59 per ounce. Monday’s high for silver reached $28.74, and the low was $27.86.

Gold and silver funds moved up Monday, with iShares Silver Trust (NYSE:SLV[5]) leading the way.

• The SPDR Gold Trust (NYSE:GLD[6]) was up 0.3%.
• The iShares Gold Trust (NYSE:IAU[7]) also was 0.3% higher.
• The iShares Silver Trust jumped 2.6%.

Gold and silver mining ETFs climbed as well.

• The Market Vectors Gold Miners ETF (NYSE:GDX[8]) lifted by 0.6%.
• The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[9]) finished 0.8% higher.
• The Global X Silver Miners ETF (NYSE:SIL[10]) rose 1.7%.

Most gold mining shares headed north Monday, with NovaGold Resources (AMEX:NG[11]) bucking the trend by suffering steep losses.

• Agnico-Eagle Mines (NYSE:AEM[12]) was up 1%.
• Barrick Gold (NYSE:ABX[13]) finished 1.3% higher.
• Eldorado Gold (NYSE:EGO[14]) climbed 0.9%.
• Goldcorp (NYSE:GG[15]) dipped 0.2%.
• Kinross Gold (NYSE:KGC[16])  was 1.1% higher.
• Newmont Mining (NYSE:NEM[17]) rose 1.6%.
• NovaGold Resources finished down 2.3%.
• Yamana Gold (NYSE:AUY[18]) ticked up 0.3%.

Silver mining shares had a good day, with Silver Standard Resources (NASDAQ:SSRI[19]) reporting the biggest  gains.

• Coeur d’Alene Mines (NYSE:CDE[20]) rose 1.8%.
• Hecla Mining (NYSE:HL[21]) climbed 1.6%.
• Pan American Silver (NASDAQ:PAAS[22]) rose 2.9%.
• Silver Wheaton (NYSE:SLW[23]) finished 1.5% higher (for more, see “The Smart Silver Play: Silver Wheaton”[24])
• Silver Standard Resources jumped 5.9%.

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-silver-take-baby-steps-some-miners-take-big-strides/

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