Gold and Silver Report: AUY Sinks After GG Drops Hostile Osisko Bid

by Christopher Freeburn | April 24, 2014 4:47 pm

Gold and Silver Report: AUY Sinks After GG Drops Hostile Osisko Bid

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.

PreciousMetalsRecap Gold and Silver Report: AUY Sinks After GG Drops Hostile Osisko BidYamana 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

Gold and Silver Mining ETFs

Gold Miners

Silver Miners

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.

Endnotes:
  1. AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
  2. GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
  3. AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
  4. CME Group: http://www.cmegroup.com
  5. BullionVault: http://www.bullionvault.com
  6. GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
  7. IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
  8. SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
  9. GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
  10. GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
  11. SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
  12. ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
  13. EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
  14. KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
  15. NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
  16. NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
  17. CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
  18. HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
  19. PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
  20. SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
  21. SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
  22. BullionVault: http://www.bullionvault.com/

Source URL: http://investorplace.com/2014/04/gold-and-silver-auy-gg-hostile-bid/
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