Gold and Silver Report: AUY Slips on Weaker-Than-Expected Q1 Earnings

Silver dropped and miners mostly declined


Gold retreated for a third straight session, edging lower in Wednesday trading after the Federal Reserve announced that it would trim another $10 billion from its monthly stimulus. The Fed cut its bond-buying from $55 billion to $45 billion each month at the conclusion of its Federal Open Market Committee meeting. Economists had expected the move.

PreciousMetalsRecap Gold and Silver Report: AUY Slips on Weaker Than Expected Q1 EarningsYamana Gold (AUY) fell harder than other gold miners after it posted an adjusted first-quarter profit of $12.1 million, down from $116.1 million in the prior-year period. Adjusted EPS came in at 2 cents, falling short of the 5 cents that Wall Street had forecast. AUY stock sank 2.1% during the day.

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Gold futures for June delivery dipped 40 cents to $1,295.90 per ounce on Wednesday, according to CME Group. Gold prices were as high as $1,298.40 and as low as $1,284.90. Bullion closed in London at $1,293, according to BullionVault.

Silver futures for July delivery dropped 1.9% at $19.17 per ounce. Wednesday’s high for silver was $19.51, while the low was $19.08.

Here’s how metal-based funds and mining stocks fared on Wednesday:

Gold and Silver Funds

  • The SPDR Gold Shares (GLD) fell 0.5%.
  • The iShares Gold Trust (IAU) slid 0.5%.
  • The iShares Silver Trust (SLV) dropped 1.6%.

Gold and Silver Mining ETFs

  • The Market Vectors Gold Miners ETF (GDX) sank 0.8%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) declined 1.8%.
  • The Global X Silver Miners ETF (SIL) faded 1%.

Gold Miners

  • Agnico Eagle Mines (AEM) slipped 0.3%.
  • Barrick Gold (ABX) fell 1.1%.
  • Eldorado Gold (EGO) sank 0.5%.
  • Goldcorp (GG) fell back 0.5%.
  • Kinross Gold (KGC) slid 1.5%.
  • Newmont Mining (NEM) declined 0.8%.
  • NovaGold (NG) waned 0.6%.
  • Yamana Gold (AUY) dropped 2.1%.

Silver Miners

  • Coeur d’Alene Mines (CDE) added 0.6%.
  • Hecla Mining (HL) fell 1%.
  • Pan American Silver (PAAS) inched up 0.1%.
  • Silver Wheaton (SLW) slid 1.5%.
  • Silver Standard Resources (SSRI) faded 0.4%.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.

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