Gold and Silver Report: AUY, AEM Stock Drop on Joint Osisko Bid

by Christopher Freeburn | April 16, 2014 5:09 pm

Gold and Silver Report: AUY, AEM Stock Drop on Joint Osisko Bid

Gold advanced fractionally in Wednesday trading as renewed violence in Eastern Ukraine boosted the metal’s safe-haven appeal.

PreciousMetalsRecap Gold and Silver Report: AUY, AEM Stock Drop on Joint Osisko BidA deal between Yamana Gold (AUY[1]) and Agnico-Eagle Mines (AEM[2]) to acquire fellow Canadian miner Osisko Mining for $3.55 billion sent AUY and AEM stock down sharply. News of the deal — which has Osisko’s support — comes a week after GoldCorp (GG[3]) increased its hostile bid for Osisko. GG stock rose modestly during the day.

Gold futures for June delivery inched up 0.2% to $1,303.50 per ounce on Wednesday, according to CME Group[4]. Gold prices were as high as $1,307.10 and as low as $1,293.50. Bullion closed in London at $1,304, according to BullionVault[5].

Silver futures for May delivery rose 0.7% to settle at $19.63 per ounce. Wednesday’s high for silver was $19.81, while the low was $19.33.

Here’s how metal-based funds and mining stocks fared 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[22] contributed to this report.

Endnotes:
  1. AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
  2. AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
  3. GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
  4. CME Group: http://www.cmegroup.com
  5. BullionVault: http://www.bullionvault.com
  6. GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
  7. IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
  8. SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
  9. GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
  10. GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
  11. SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
  12. ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
  13. EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
  14. KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
  15. NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
  16. NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
  17. CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
  18. HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
  19. PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
  20. SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
  21. SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
  22. BullionVault: http://www.bullionvault.com/

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