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

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

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

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.

Endnotes:
  1. NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
  2. ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
  3. a letter to Barrick’s board: http://newmont.q4web.com/Press-Releases/News-Release/2014/Newmont-Releases-Letter-Sent-to-Barrick-Board/default.aspx
  4. CME Group: http://www.cmegroup.com
  5. BullionVault: http://www.bullionvault.com
  6. GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
  7. IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
  8. SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
  9. GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
  10. GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
  11. SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
  12. AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
  13. EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
  14. GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
  15. KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
  16. NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
  17. AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
  18. CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
  19. HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
  20. PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
  21. SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
  22. SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
  23. BullionVault: http://www.bullionvault.com/

Source URL: http://investorplace.com/2014/04/gold-and-silver-report-hem-stock-abx-merger-end/
Short URL: http://invstplc.com/1iydvkV