Gold and Silver Report: HL Surges on Q1 Production
by Christopher Freeburn | April 9, 2014 5:02 pm
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.
Among mining stocks, Hecla Mining (HL[1]) 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.
Gold futures for June delivery dipped 0.2% to $1,305.90 per ounce on Wednesday, according to CME Group[2]. 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[3].
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[4]) inched up 0.2%.
- The iShares Gold Trust (IAU[5]) added 0.2%.
- The iShares Silver Trust (SLV[6]) fell 0.6%.
Mining ETFs gained during the day.
- The Market Vectors Gold Miners ETF (GDX[7]) rose 0.7%.
- The Market Vectors Junior Gold Miners ETF (GDXJ[8]) increased 0.7%.
- The Global X Silver Miners ETF (SIL[9]) climbed 0.5%.
Gold stocks mostly advanced on Wednesday.
- Agnico-Eagle Mines (AEM[10]) fell 1.6%.
- Barrick Gold (ABX[11]) added 0.8%.
- Eldorado Gold (EGO[12]) slipped 0.5%.
- Goldcorp (GG[13]) rose 1.4%.
- Kinross Gold (KGC[14]) gained 1.7%.
- Newmont Mining (NEM[15]) edged up 0.1%.
- NovaGold Resources (NG[16]) dropped 1.1%.
- Yamana Gold (AUY[17]) climbed 1.2%.
Like HL stock, other silver mining shares improved during the day.
- Coeur d’Alene Mines (CDE[18]) increased 1.6%.
- Hecla Mining jumped 4.8%.
- Pan American Silver (PAAS[19]) rose 0.6%.
- Silver Wheaton (SLW[20]) added 0.9%.
- Silver Standard Resources (SSRI[21]) climbed 1.2%.
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.
- HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
- 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
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- 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
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
- 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-hl-hecla/