Gold and Silver Report: NG Stock, SSRI Plunge as Gold Prices Slip

Silver faded while mining stocks were mixed

   

Gold and Silver Report: NG Stock, SSRI Plunge as Gold Prices Slip

Gold prices drifted fractionally lower in Friday trading. The metal remained below the $1,300 per ounce level, finishing the week down 1.2%.

PreciousMetalsRecap Gold and Silver Report: NG Stock, SSRI Plunge as Gold Prices SlipDuring a session that saw mixed tepid movement for miners, NovaGold (NG) and Silver Standard Resources (SSRI) dropped sharply. NG stock closed down more than 5%. SSRI reported a wider quarterly loss on falling revenue, sending SSRI shares plummeting more than 10%.

11103054 gold bullion 200x200 Gold and Silver Report: NG Stock, SSRI Plunge as Gold Prices Slip
3 Ways to Play Gold Mining After Barrick Gold-NEM Breakup

Gold futures for June delivery shed 10 cents, dipping to $1,287.60 per ounce on Friday, according to CME Group. Gold prices were as high as $1,294.50 and as low as $1,285.50. Bullion closed in London at $1,290, according to BullionVault.

Silver futures for July delivery slipped almost 2 cents to $19.12 per ounce. Friday’s high for silver was $19.32, while the low was $19.05.

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

Gold and Silver Funds

  • The SPDR Gold Shares (GLD) edged down 0.1%.
  • The iShares Gold Trust (IAU) was flat.
  • The iShares Silver Trust (SLV) faded 0.1%.

Gold and Silver Mining ETFs

  • The Market Vectors Gold Miners ETF (GDX) sank 0.2%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) fell 0.7%.
  • The Global X Silver Miners ETF (SIL) declined 0.7%.

Gold Miners

  • Agnico Eagle Mines (AEM) climbed 0.4%.
  • Barrick Gold Corporation (ABX) added 0.4%.
  • Eldorado Gold (EGO) fell 0.5%.
  • Goldcorp (GG) slipped 0.1%.
  • Kinross Gold (KGC) gained 1.5%.
  • Newmont Mining (NEM) inched up 0.1%.
  • NG stock tumbled 5.7%.
  • Yamana Gold (AUY) dipped 0.1%.

Silver Miners

  • Coeur d’Alene Mines (CDE) fell 1%.
  • Hecla Mining (HL) sank 0.3%.
  • Pan American Silver (PAAS) gained 1.9%.
  • Silver Wheaton (SLW) fell 0.5%.
  • SSRI plunged 10.3%.

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-gold-prices-dip-ng-stock-ssri-plunge/.

©2014 InvestorPlace Media, LLC

Comments are currently unavailable. Please check back soon.