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

by Christopher Freeburn | May 9, 2014 4:57 pm

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

During a session that saw mixed tepid movement for miners, NovaGold (NG[1]) and Silver Standard Resources (SSRI[2]) dropped sharply. NG stock closed down more than 5%. SSRI reported a wider quarterly loss on falling revenue[3], sending SSRI shares plummeting more than 10%.

Gold futures for June delivery shed 10 cents, dipping to $1,287.60 per ounce on Friday, according to CME Group[4]. 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[5].

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[6]) edged down 0.1%.
• The iShares Gold Trust (IAU[7]) was flat.
• The iShares Silver Trust (SLV[8]) faded 0.1%.

Gold and Silver Mining ETFs

• The Market Vectors Gold Miners ETF (GDX[9]) sank 0.2%.
• The Market Vectors Junior Gold Miners ETF (GDXJ[10]) fell 0.7%.
• The Global X Silver Miners ETF (SIL[11]) declined 0.7%.

Gold Miners

• Agnico Eagle Mines (AEM[12]) climbed 0.4%.
• Barrick Gold Corporation (ABX[13]) added 0.4%.
• Eldorado Gold (EGO[14]) fell 0.5%.
• Goldcorp (GG[15]) slipped 0.1%.
• Kinross Gold (KGC[16]) gained 1.5%.
• Newmont Mining (NEM[17]) inched up 0.1%.
• NG stock tumbled 5.7%.
• Yamana Gold (AUY[18]) dipped 0.1%.

Silver Miners

• Coeur d’Alene Mines (CDE[19]) fell 1%.
• Hecla Mining (HL[20]) sank 0.3%.
• Pan American Silver (PAAS[21]) gained 1.9%.
• Silver Wheaton (SLW[22]) 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[23] contributed to this report.

Source URL: https://investorplace.com/2014/05/gold-and-silver-report-gold-prices-dip-ng-stock-ssri-plunge/

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