Gold and Silver Report: NEM Stock Drops as ABX Merger Talks End

by Christopher Freeburn | April 28, 2014 5:02 pm

Gold edged lower in Monday trading. The metal slipped even as the U.S. imposed a fresh round of sanctions on officials and companies close to Russian President Vladimir Putin.

PreciousMetalsRecap Gold and Silver Report: NEM Stock Drops as ABX Merger Talks EndNewmont Mining (NEM[1]) shares tumbled after it called off merger talks with fellow miner Barrick Gold (ABX[2]). In a letter to Barrick’s board[3], NEM complained that “our efforts to find consensus have been rejected out of hand repeatedly.” NEM stock ended the day down almost 7%, while ABX shares fell more than 3%.

Gold futures for June delivery dipped 0.1% to $1,299 per ounce on Monday, according to CME Group[4]. Gold prices were as high as $1,306.60 and as low as $1,292.10. Bullion closed in London at $1,297, according to BullionVault[5].

Silver futures for May delivery sank 0.5% at $19.59 per ounce. Monday’s high for silver was $19.76, while the low was $19.47.

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

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. NEM:
  2. ABX:
  3. a letter to Barrick’s board:
  4. CME Group:
  5. BullionVault:
  6. GLD:
  7. IAU:
  8. SLV:
  9. GDX:
  10. GDXJ:
  11. SIL:
  12. AEM:
  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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