Gold and Silver Report: AUY Sinks After GG Drops Hostile Osisko Bid
by Christopher Freeburn | April 24, 2014 4:47 pm
Gold rose modestly in heavy Thursday trading, posting a gain for the second straight session as Russia threatened new intervention in Ukraine. Russia’s latest threats came in response to military action taken by Kiev against pro-Russian militias in the country’s troubled eastern region. The U.S. has warned of harsher sanctions against Moscow if it violates Ukrainian sovereignty.
Yamana Gold (AUY[1]) fell harder than other gold miners after Goldcorp (GG[2]) announced that it would not increase its hostile bid for fellow Canadian miner Osisko Mining. AUY and Agnico Eagle Mines (AEM[3]) have bid C$3.9 billion for Osisko. AUY dropped 3.2% on Thursday, while GG and AEM both slipped 0.7%.
Gold futures for June delivery climbed 0.6% to $1,290.60 per ounce on Thursday, according to CME Group[4]. Gold prices were as high as $1,299 and as low as $1,268.40. Bullion closed in London at $1,295, according to BullionVault[5].
Silver futures for May delivery jumped 1.3% to settle at $19.69 per ounce. Thursday’s high for silver was $19.91, while the low was $18.93.
Here’s how metal-based funds and mining stocks fared on Thursday:
Gold and Silver Funds
- The SPDR Gold Shares (GLD[6]) added 0.7%.
- The iShares Gold Trust (IAU[7]) rose 0.6%.
- The iShares Silver Trust (SLV[8]) climbed 1.2%.
Gold and Silver Mining ETFs
- The Market Vectors Gold Miners ETF (GDX[9]) fell 1.4%.
- The Market Vectors Junior Gold Miners ETF (GDXJ[10]) tumbled 2.8%.
- The Global X Silver Miners ETF (SIL[11]) sank 1.4%.
Gold Miners
- AEM slipped 0.7%.
- Barrick Gold (ABX[12]) fell 1.9%.
- Eldorado Gold (EGO[13]) dropped 2.4%.
- GG sank 0.7%.
- Kinross Gold (KGC[14]) declined 1.7%.
- Newmont Mining (NEM[15]) moved down 1.7%.
- NovaGold (NG[16]) faded 1.1%.
- AUY tumbled 3.2%.
Silver Miners
- Coeur d’Alene Mines (CDE[17]) added 0.1%.
- Hecla Mining (HL[18]) fell 1.3%.
- Pan American Silver (PAAS[19]) sank 1.7%.
- Silver Wheaton (SLW[20]) dipped 0.6%.
- Silver Standard Resources (SSRI[21]) dropped 3.1%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[22] contributed to this report.
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- 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
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- 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/2014/04/gold-and-silver-auy-gg-hostile-bid/