Gold and Silver Report: ABX, SSRI Sink as Gold Prices Retreat

Gold fell back below $1,300 an ounce

   

Gold and Silver Report: ABX, SSRI Sink as Gold Prices Retreat

Gold prices dropped on Thursday, giving back all of yesterday’s gains after the Labor Department said that the lowest number of Americans in seven years filed for first-time unemployment benefits last week. Gold prices were also pressured by a separate report showing higher consumer prices in April. An improving job market and rising prices signal a stronger U.S. economy, making it likely that the Federal Reserve will continue tapering its monthly stimulus.

PreciousMetalsRecap Gold and Silver Report: ABX, SSRI Sink as Gold Prices RetreatBarrick Gold (ABX) and Silver Standard Resources (SSRI) led mining stocks lower during the day. ABX slid more than 3%, while SSRI dropped 5%.

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Gold futures for June delivery fell 0.9% to $1,293.60 per ounce on Thursday, according to CME Group. Gold prices were as high as $1,307.30 and as low as $1,290.90. Bullion closed in London at $1,298, according to BullionVault.

Silver futures for July delivery sank 1.4% to $19.48 per ounce. Thursday’s high for silver was $19.84, while the low was $19.43.

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

Gold and Silver Funds

  • The SPDR Gold Shares (GLD) fell 0.8%.
  • The iShares Gold Trust (IAU) faded 0.8%.
  • The iShares Silver Trust (SLV) dropped 1.4%.

Gold and Silver Mining ETFs

  • The Market Vectors Gold Miners ETF (GDX) sank 1.6%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) declined 1.9%.
  • The Global X Silver Miners ETF (SIL) moved down 1.1%.

Gold Miners

  • Agnico Eagle Mines (AEM) slipped 1.2%.
  • ABX fell 3.2%.
  • Eldorado Gold  decreased 1.5%.
  • Goldcorp (GG) slid 1.4%.
  • Kinross Gold (KGC) retreated 1.2%.
  • Newmont Mining (NEM) sank 1.4%.
  • NovaGold (NG) pulled back 1.9%.
  • Yamana Gold (AUY) dropped 2.5%.

Silver Miners

  • Coeur d’Alene Mines (CDE) slid 1.2%.
  • Hecla Mining (HL) sank 2.9%.
  • Pan American Silver (PAAS) fell 2.1%.
  • Silver Wheaton (SLW) declined 1.6%.
  • SSRI tumbled 5%.

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.


Article printed from InvestorPlace Media, http://investorplace.com/2014/05/gold-and-silver-report-abx-ssri-gold-prices-retreat/.

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