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.
Newmont 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
- The SPDR Gold Shares (GLD[6]) fell 0.4%.
- The iShares Gold Trust (IAU[7]) faded 0.5%.
- The iShares Silver Trust (SLV[8]) also declined 0.5%.
Gold and Silver Mining ETFs
- The Market Vectors Gold Miners ETF (GDX[9]) slid 1.9%.
- The Market Vectors Junior Gold Miners ETF (GDXJ[10]) dropped 3.5%.
- The Global X Silver Miners ETF (SIL[11]) sank 1.6%.
Gold Miners
- Agnico Eagle Mines (AEM[12]) fell 0.5%.
- ABX declined 3.1%.
- Eldorado Gold (EGO[13]) was flat.
- Goldcorp (GG[14]) sank 1.5%.
- Kinross Gold (KGC[15]) dropped 3.4%.
- NEM stock plunged 6.7%.
- NovaGold (NG[16]) tumbled 5.2%.
- Yamana Gold (AUY[17]) slid 2.2%.
Silver Miners
- Coeur d’Alene Mines (CDE[18]) dropped 2.8%.
- Hecla Mining (HL[19]) sank 1.3%.
- Pan American Silver (PAAS[20]) fell 3.1%.
- Silver Wheaton (SLW[21]) slid 1.1%.
- Silver Standard Resources (SSRI[22]) dropped 3.8%.
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.
Endnotes:- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- a letter to Barrick’s board: http://newmont.q4web.com/Press-Releases/News-Release/2014/Newmont-Releases-Letter-Sent-to-Barrick-Board/default.aspx
- 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
- 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
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- 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-hem-stock-abx-merger-end/