Gold Posts 3% Gain for January
by Christopher Freeburn | January 31, 2014 4:42 pm
[1]Gold 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[2]) 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%.
Gold futures for April delivery slid 0.2% to $1,239.80 per ounce on Friday, according to CME Group[3]. 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[4].
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[5]) rose 0.2%.
- The iShares Gold Trust (IAU[6]) edged up 0.1%.
- The iShares Silver Trust (SLV[7]) sank 0.2%.
Mining ETFs moved lower during the day.
- The Market Vectors Gold Miners ETF (GDX[8]) was flat.
- The Market Vectors Junior Gold Miners ETF (GDXJ[9]) fell 0.2%.
- The Global X Silver Miners ETF (SIL[10]) dropped 0.7%.
Gold stocks were mixed on Friday.
- Agnico-Eagle Mines (AEM[11]) climbed 1.4%.
- Barrick Gold (ABX[12]) inched up 0.3%.
- Eldorado Gold (EGO[13]) fell 0.6%.
- Goldcorp (GG[14]) jumped 3.2%.
- Kinross Gold (KGC[15]) sank 0.7%.
- Newmont Mining plunged 10.4%.
- NovaGold Resources (NG[16]) moved down 2.4%.
- Yamana Gold (AUY[17]) declined 2.2%.
Silver mining shares retreated during the day.
- Coeur d’Alene Mines (CDE[18]) fell 1.9%.
- Hecla Mining (HL[19]) sank 1.5%.
- Pan American Silver (PAAS[20]) slid 1.6%.
- Silver Wheaton (SLW[21]) edged down 0.3%.
- Silver Standard Resources (SSRI[22]) dropped 1.4%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[23] contributed to this report.
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- CME Group: http://www.cmegroup.com
- BullionVault: http://www.bullionvault.com
- GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
- IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
- SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
- GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
- GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
- SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
- HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
- PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
- SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
- SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
- BullionVault: http://www.bullionvault.com/
Source URL: https://investorplace.com/2014/01/gold-posts-3-gain-january/