Gold and Silver Report: HL Surges on Q1 Production

Silver prices fell back, but minings stocks mostly improved

   

Gold and Silver Report: HL Surges on Q1 Production

Gold prices settled lower in Wednesday trading prior to the release of the minutes of the Federal Reserve’s March meeting. However, spot gold prices climbed slightly in after-hours trading after a reading of the minutes showed no sign that the Fed was in a hurry to raise interest rates.

PreciousMetalsRecap Gold and Silver Report: HL Surges on Q1 ProductionAmong mining stocks, Hecla Mining (HL) jumped almost 5% after posting first-quarter silver production of 2.5 million ounces, up 32% from the same period last year. Hecla also said that gold production hit 46,269 ounces, nearly triple the amount produced during prior-year quarter.

11103054 gold bullion 200x200 Gold and Silver Report: HL Surges on Q1 Production
Can Gold Prices Repeat Q1′s Heroic Move?

Gold futures for June delivery dipped 0.2% to $1,305.90 per ounce on Wednesday, according to CME Group. Gold prices were as high as $1,314.30 and as low as $1,301.10. Bullion closed in London at $1,313, according to BullionVault.

Silver futures for May delivery dropped 1.4% to settle at $19.77 per ounce. Wednesday’s high for silver was $20.10, while the low was $19.60.

Metal funds were mixed on Wednesday.

  • The SPDR Gold Shares (GLD) inched up 0.2%.
  • The iShares Gold Trust (IAU) added 0.2%.
  • The iShares Silver Trust (SLV) fell 0.6%.

Mining ETFs gained during the day.

  • The Market Vectors Gold Miners ETF (GDX) rose 0.7%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) increased 0.7%.
  • The Global X Silver Miners ETF (SIL) climbed 0.5%.

Gold stocks mostly advanced on Wednesday.

  • Agnico-Eagle Mines (AEM) fell 1.6%.
  • Barrick Gold (ABX) added 0.8%.
  • Eldorado Gold (EGO) slipped 0.5%.
  • Goldcorp (GG) rose 1.4%.
  • Kinross Gold (KGC) gained 1.7%.
  • Newmont Mining (NEM) edged up 0.1%.
  • NovaGold Resources (NG) dropped 1.1%.
  • Yamana Gold (AUY) climbed 1.2%.

Like HL stock, other silver mining shares improved during the day.

  • Coeur d’Alene Mines (CDE) increased 1.6%.
  • Hecla Mining jumped 4.8%.
  • Pan American Silver (PAAS) rose 0.6%.
  • Silver Wheaton (SLW) added 0.9%.
  • Silver Standard Resources (SSRI) climbed 1.2%.

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/2014/04/gold-and-silver-hl-hecla/.

©2014 InvestorPlace Media, LLC

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