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

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.

  1. much-worse-than-expected report on U.S. new home sales in March:
  2. AEM:
  3. NEM:
  4. ABX:
  5. CME Group:
  6. BullionVault:
  7. GLD:
  8. IAU:
  9. SLV:
  10. GDX:
  11. GDXJ:
  12. SIL:
  13. EGO:
  14. GG:
  15. KGC:
  16. NG:
  17. AUY:
  18. CDE:
  19. HL:
  20. PAAS:
  21. SLW:
  22. SSRI:
  23. BullionVault:

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