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.

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.

  1. AUY:
  2. GG:
  3. AEM:
  4. CME Group:
  5. BullionVault:
  6. GLD:
  7. IAU:
  8. SLV:
  9. GDX:
  10. GDXJ:
  11. SIL:
  12. ABX:
  13. EGO:
  14. KGC:
  15. NEM:
  16. NG:
  17. CDE:
  18. HL:
  19. PAAS:
  20. SLW:
  21. SSRI:
  22. BullionVault:

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