Gold and Silver Report: AUY Slips on Weaker-Than-Expected Q1 Earnings
by Christopher Freeburn | April 30, 2014 4:51 pm
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.
Yamana Gold (AUY[1]) 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.
Gold futures for June delivery dipped 40 cents to $1,295.90 per ounce on Wednesday, according to CME Group[2]. 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[3].
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[4]) fell 0.5%.
- The iShares Gold Trust (IAU[5]) slid 0.5%.
- The iShares Silver Trust (SLV[6]) dropped 1.6%.
Gold and Silver Mining ETFs
- The Market Vectors Gold Miners ETF (GDX[7]) sank 0.8%.
- The Market Vectors Junior Gold Miners ETF (GDXJ[8]) declined 1.8%.
- The Global X Silver Miners ETF (SIL[9]) faded 1%.
Gold Miners
- Agnico Eagle Mines (AEM[10]) slipped 0.3%.
- Barrick Gold (ABX[11]) fell 1.1%.
- Eldorado Gold (EGO[12]) sank 0.5%.
- Goldcorp (GG[13]) fell back 0.5%.
- Kinross Gold (KGC[14]) slid 1.5%.
- Newmont Mining (NEM[15]) declined 0.8%.
- NovaGold (NG[16]) waned 0.6%.
- Yamana Gold (AUY[1]) dropped 2.1%.
Silver Miners
- Coeur d’Alene Mines (CDE[17]) added 0.6%.
- Hecla Mining (HL[18]) fell 1%.
- Pan American Silver (PAAS[19]) inched up 0.1%.
- Silver Wheaton (SLW[20]) slid 1.5%.
- Silver Standard Resources (SSRI[21]) faded 0.4%.
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
- 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
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- 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
- 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-earnings/