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

by Christopher Freeburn | April 23, 2014 5:05 pm

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

Gold rose slightly in Wednesday trading, buoyed by a much-worse-than-expected report on U.S. new home sales in March[1] and renewed tensions in Ukraine. The metal marked its first gain in four sessions as U.S. equities retreated.

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

Among mining stocks, Agnico Eagle-Mines (AEM[2]) climbed 3.7% after RBC Capital Markets upgraded its rating for AEM stock from “Sector Perform” to “Outperform.”

Shares of Newmont Mining (NEM[3]) gained 3.5% after Peter Munk, the founder and chairman of Barrick Gold (ABX[4]), 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[5]. 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[6].

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

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[23] contributed to this report.

Endnotes:
  1. much-worse-than-expected report on U.S. new home sales in March: http://investorplace.com/2014/04/march-new-home-sales-tumble-14-5/#.U1gj4V5hOf0
  2. AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
  3. NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
  4. ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
  5. CME Group: http://www.cmegroup.com
  6. BullionVault: http://www.bullionvault.com
  7. GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
  8. IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
  9. SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
  10. GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
  11. GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
  12. SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
  13. EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
  14. GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
  15. KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
  16. NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
  17. AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
  18. CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
  19. HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
  20. PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
  21. SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
  22. SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
  23. BullionVault: http://www.bullionvault.com/

Source URL: http://investorplace.com/2014/04/gold-and-silver-newmont-mining-aem-climb/
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