Gold Ends February Up Almost 7%

Silver slipped, while mining stocks mostly declined

   

Gold Ends February Up Almost 7%

PreciousMetalsRecap Gold Ends February Up Almost 7%Gold fell back in Friday trading as two reports suggested a stronger U.S. economy. The metal ended February with a gain of 6.6%.

The University of Michigan/Thomson Reuters index of consumer sentiment rose from a reading of 81.2 in January, to a reading of 81.6 in February. Additionally, the Chicago Business Barometer climbed to a reading of 59.8 in February, up slightly from 59.6 last month. That surprised economists who had expected a reading of 56.

11103054 gold bullion 200x200 Gold Ends February Up Almost 7%
How to Make Gold & Silver Pay Dividends

Gold futures for April delivery dropped 0.8% to $1,321.60 per ounce on Friday, according to CME Group. Gold traded as high as $1,333.60 and as low as $1,319.30. Bullion closed in London at $1,328, according to BullionVault.

Silver futures for May delivery also fell 0.5% to $21.24 per ounce. Friday’s high for silver was $21.43, while the low was $21.11.

Metal funds moved lower on Friday.

  • The SPDR Gold Shares (GLD) slipped 0.5%.
  • The iShares Gold Trust (IAU) fell 0.4%.
  • The iShares Silver Trust (SLV) dipped 0.5%.

Mining ETFs were mixed during the day.

  • The Market Vectors Gold Miners ETF (GDX) slid 0.4%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) added 0.4%.
  • The Global X Silver Miners ETF (SIL) edged down 0.2%.

Gold stocks mostly retreated on Friday.

  • Agnico-Eagle Mines (AEM) fell 2.1%.
  • Barrick Gold (ABX) slid 1.6%.
  • Eldorado Gold (EGO) slipped 0.6%.
  • Goldcorp (GG) moved down 0.5%.
  • Kinross Gold (KGC) climbed 1%.
  • Newmont Mining (NEM) dropped 1.4%.
  • NovaGold Resources (NG) gained 2.8%.
  • Yamana Gold (AUY) faded 1.1%.

Silver mining shares were mixed during the day.

  • Coeur d’Alene Mines (CDE) rose 1.8%.
  • Hecla Mining (HL) slipped 0.6%.
  • Pan American Silver (PAAS) sank 0.7%.
  • Silver Wheaton (SLW) inched up 0.1%.
  • Silver Standard Resources (SSRI) fell 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/2014/02/gold-ends-february-almost-7/.

©2014 InvestorPlace Media, LLC

Comments are currently unavailable. Please check back soon.