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Gold and Silver Report: Newmont Mining and AEM Climb as Gold Gains

Silver moved higher and miners advanced across the board


Gold rose slightly in Wednesday trading, buoyed by a much-worse-than-expected report on U.S. new home sales in March and renewed tensions in Ukraine. The metal marked its first gain in four sessions as U.S. equities retreated.


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Among mining stocks, Agnico Eagle-Mines (AEM) climbed 3.7% after RBC Capital Markets upgraded its rating for AEM stock from “Sector Perform” to “Outperform.”

Shares of Newmont Mining (NEM) gained 3.5% after Peter Munk, the founder and chairman of Barrick Gold (ABX), said that a merger between the companies was “inevitable,” despite the recent breakdown in talks.

Gold futures for June delivery inched up 0.3% to $1,284.60 per ounce on Wednesday, according to CME Group. Gold prices were as high as $1,289.10 and as low as $1,280.80. Bullion closed in London at $1,286, according to BullionVault.

Silver futures for May delivery climbed 0.4% to settle at $19.44 per ounce. Wednesday’s high for silver was $19.55, while the low was $19.38.

Here’s how metal-based funds and mining stocks fared on Wednesday:

Gold and Silver Funds

  • The SPDR Gold Shares (GLD) dipped 0.1%.
  • The iShares Gold Trust (IAU) was flat.
  • The iShares Silver Trust (SLV) sank 0.2%.

Gold and Silver Mining ETFs

  • The Market Vectors Gold Miners ETF (GDX) rose 2.1%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) gained 3.2%.
  • The Global X Silver Miners ETF (SIL) rose 1%.

Gold Miners

  • AEM climbed 3.7%.
  • Barrick Gold added 1.5%.
  • Eldorado Gold (EGO) rose 0.5%.
  • Goldcorp (GG) increased 1%.
  • Kinross Gold (KGC) gained 1.5%.
  • Newmont Mining jumped 3.5%.
  • NovaGold (NG) gained 2.4%.
  • Yamana Gold (AUY) improved 0.8%.

Silver Miners

  • Coeur d’Alene Mines (CDE) inched up 0.1%.
  • Hecla Mining (HL) rose 1.3%.
  • Pan American Silver (PAAS) climbed 2.8%.
  • Silver Wheaton (SLW) added 1.1%.
  • Silver Standard Resources (SSRI) advanced 2.3%.

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,

©2016 InvestorPlace Media, LLC

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