Gold Posts 3% Gain for January

Silver dipped and miners were mostly lower

   

Gold Posts 3% Gain for January

PreciousMetalsRecap Gold Posts 3% Gain for JanuaryGold slipped slightly in Friday trading, extending yesterday’s losses. The metal declined 1.9% for the week, but closed out the month up 3.1%.

Newmont Mining (NEM) shares sank after the company predicted gold production of between 5 million and 5.3 million ounces for 2014. That disappointed analysts who had forecast gold production of 5.5 million ounces for the year. NEM shares dropped more than 10%.

11103054 gold bullion 200x200 Gold Posts 3% Gain for January
Trade of the Day: Market Vectors Gold Juniors ETF (GDXJ)

Gold futures for April delivery slid 0.2% to $1,239.80 per ounce on Friday, according to CME Group. Gold traded as high as $1,254.80 and as low as $1,238.20. Bullion closed in London at $1,246, according to BullionVault.

Silver futures for March delivery dropped 1 cent, to $19.12 per ounce. Friday’s high for silver was $19.47, while the low was $19.07.

Metal funds were mixed on Friday.

  • The SPDR Gold Shares (GLD) rose 0.2%.
  • The iShares Gold Trust (IAU) edged up 0.1%.
  • The iShares Silver Trust (SLV) sank 0.2%.

Mining ETFs moved lower during the day.

  • The Market Vectors Gold Miners ETF (GDX) was flat.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) fell 0.2%.
  • The Global X Silver Miners ETF (SIL) dropped 0.7%.

Gold stocks were mixed on Friday.

  • Agnico-Eagle Mines (AEM) climbed 1.4%.
  • Barrick Gold (ABX) inched up 0.3%.
  • Eldorado Gold (EGO) fell 0.6%.
  • Goldcorp (GG) jumped 3.2%.
  • Kinross Gold (KGC) sank 0.7%.
  • Newmont Mining plunged 10.4%.
  • NovaGold Resources (NG) moved down 2.4%.
  • Yamana Gold (AUY) declined 2.2%.

Silver mining shares retreated during the day.

  • Coeur d’Alene Mines (CDE) fell 1.9%.
  • Hecla Mining (HL) sank 1.5%.
  • Pan American Silver (PAAS) slid 1.6%.
  • Silver Wheaton (SLW) edged down 0.3%.
  • Silver Standard Resources (SSRI) dropped 1.4%.

As of this writing, Christopher Freeburn 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/2014/01/gold-posts-3-gain-january/.

©2014 InvestorPlace Media, LLC

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