Gold and Silver Report: AUY, AEM Stock Drop on Joint Osisko Bid
by Christopher Freeburn | April 16, 2014 5:09 pm
Gold advanced fractionally in Wednesday trading as renewed violence in Eastern Ukraine boosted the metal’s safe-haven appeal.
A 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
- The SPDR Gold Shares (GLD[6]) rose 0.1%.
- The iShares Gold Trust (IAU[7]) was flat.
- The iShares Silver Trust (SLV[8]) added 0.2%.
Gold and Silver Mining ETFs
- The Market Vectors Gold Miners ETF (GDX[9]) dropped 0.9%.
- The Market Vectors Junior Gold Miners ETF (GDXJ[10]) slipped 0.4%.
- The Global X Silver Miners ETF (SIL[11]) declined 1.3%.
Gold Miners
- AEM stock tumbled 8.6%.
- Barrick Gold (ABX[12]) slid 1.2%.
- Eldorado Gold (EGO[13]) sank 0.9%.
- Goldcorp rose 0.4%.
- Kinross Gold (KGC[14]) rose 0.2%.
- Newmont Mining (NEM[15]) fell 0.5%.
- NovaGold Resources (NG[16]) stock slipped 0.6%.
- AUY dropped 4.4%.
Silver Miners
- Coeur d’Alene Mines (CDE[17]) retreated 1.7%.
- Hecla Mining (HL[18]) pulled back 1.9%.
- Pan American Silver (PAAS[19]) declined 1.5%.
- Silver Wheaton (SLW[20]) faded 0.9%.
- Silver Standard Resources (SSRI[21]) also fell 0.9%.
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.
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- 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
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- 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-report-auy-aem-stock/