Gold and Silver Report: ABX, SSRI Sink as Gold Prices Retreat
by Christopher Freeburn | May 15, 2014 4:40 pm
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.
Barrick Gold (ABX[1]) and Silver Standard Resources (SSRI[2]) led mining stocks lower during the day. ABX slid more than 3%, while SSRI dropped 5%.
Gold futures for June delivery fell 0.9% to $1,293.60 per ounce on Thursday, according to CME Group[3]. 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[4].
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[5]) fell 0.8%.
- The iShares Gold Trust (IAU[6]) faded 0.8%.
- The iShares Silver Trust (SLV[7]) dropped 1.4%.
Gold and Silver Mining ETFs
- The Market Vectors Gold Miners ETF (GDX[8]) sank 1.6%.
- The Market Vectors Junior Gold Miners ETF (GDXJ[9]) declined 1.9%.
- The Global X Silver Miners ETF (SIL[10]) moved down 1.1%.
Gold Miners
- Agnico Eagle Mines (AEM[11]) slipped 1.2%.
- ABX fell 3.2%.
- Eldorado Gold decreased 1.5%.
- Goldcorp (GG[12]) slid 1.4%.
- Kinross Gold (KGC[13]) retreated 1.2%.
- Newmont Mining (NEM[14]) sank 1.4%.
- NovaGold (NG[15]) pulled back 1.9%.
- Yamana Gold (AUY[16]) dropped 2.5%.
Silver Miners
- Coeur d’Alene Mines (CDE[17]) slid 1.2%.
- Hecla Mining (HL[18]) sank 2.9%.
- Pan American Silver (PAAS[19]) fell 2.1%.
- Silver Wheaton (SLW[20]) 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[21] contributed to this report.
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
- 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
- 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
- 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
- BullionVault: http://www.bullionvault.com/
Source URL: https://investorplace.com/2014/05/gold-and-silver-report-abx-ssri-gold-prices-retreat/