Gold and Silver Report: Newmont Mining and AEM Climb as Gold Gains
by Christopher Freeburn | April 23, 2014 5:05 pm
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.
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
- The SPDR Gold Shares (GLD[7]) dipped 0.1%.
- The iShares Gold Trust (IAU[8]) was flat.
- The iShares Silver Trust (SLV[9]) sank 0.2%.
Gold and Silver Mining ETFs
- The Market Vectors Gold Miners ETF (GDX[10]) rose 2.1%.
- The Market Vectors Junior Gold Miners ETF (GDXJ[11]) gained 3.2%.
- The Global X Silver Miners ETF (SIL[12]) rose 1%.
Gold Miners
- AEM climbed 3.7%.
- Barrick Gold added 1.5%.
- Eldorado Gold (EGO[13]) rose 0.5%.
- Goldcorp (GG[14]) increased 1%.
- Kinross Gold (KGC[15]) gained 1.5%.
- Newmont Mining jumped 3.5%.
- NovaGold (NG[16]) gained 2.4%.
- Yamana Gold (AUY[17]) improved 0.8%.
Silver Miners
- Coeur d’Alene Mines (CDE[18]) inched up 0.1%.
- Hecla Mining (HL[19]) rose 1.3%.
- Pan American Silver (PAAS[20]) climbed 2.8%.
- Silver Wheaton (SLW[21]) added 1.1%.
- Silver Standard Resources (SSRI[22]) advanced 2.3%.
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.
- much-worse-than-expected report on U.S. new home sales in March: https://investorplace.com/2014/04/march-new-home-sales-tumble-14-5/#.U1gj4V5hOf0
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- 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
- 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
- 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
- HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
- 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-newmont-mining-aem-climb/