Gold and Silver Report: AUY Surges as Gold Prices Top $1,300

Silver also headed higher Wednesday, and most miners advanced


Gold prices climbed on Wednesday as U.S. equities retreated, and the metal settled back above $1,300 per ounce for the first time since May 6.

PreciousMetalsRecap Gold and Silver Report: AUY Surges as Gold Prices Top $1,300Most gold mining stocks posted gains for the day, but Yamana Gold (AUY) outpaced other miners during the session; AUY closed up more than 5%.

gold bars1 e1293659631340 Gold and Silver Report: AUY Surges as Gold Prices Top $1,300
The Bears Should Clamp Down on Gold Prices Again … And Soon

Gold futures for June delivery rose 0.9% to $1,305.90 per ounce on Wednesday, according to CME Group. Gold prices were as high as $1,309.20 and as low as $1,291.60. Bullion closed in London at $1,308, according to BullionVault.

Silver futures for July delivery jumped 1.2% to $19.78 per ounce. Wednesday’s high for silver was $20.01, while the low was $19.51.

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

Gold and Silver Funds

  • The SPDR Gold Shares (GLD) rose 1%.
  • The iShares Gold Trust (IAU) added 0.9%.
  • The iShares Silver Trust (SLV) moved up 1.2%.

Gold and Silver Mining ETFs

  • The Market Vectors Gold Miners ETF (GDX) climbed 1.2%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) gained 1.7%.
  • The Global X Silver Miners ETF (SIL) advanced 1.3%.

Gold Miners

  • Agnico Eagle Mines (AEM) increased 1%.
  • Barrick Gold Corporation (ABX) added 0.9%.
  • Eldorado Gold  gained 2.7%.
  • Goldcorp (GG) rose 1.7%.
  • Kinross Gold (KGC) fell 0.7%.
  • Newmont Mining (NEM) slipped 0.2%.
  • NovaGold (NG) climbed 2.3%.
  • AUY surged 5.5%.

Silver Miners

  • Coeur d’Alene Mines (CDE) fell 1%.
  • Hecla Mining (HL) were flat.
  • Pan American Silver (PAAS) added 1.5%.
  • Silver Wheaton (SLW) rose 0.6%.
  • Silver Standard Resources (SSRI) gained 3.2%.

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.

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