Gold and Silver Report: Gold Prices Fall, NovaGold and EGO Stock Drop

by Christopher Freeburn | May 7, 2014 4:52 pm

Gold prices fell sharply in Wednesday trading after Federal Reserve Chairwoman Janet Yellen made positive remarks about the U.S. economy and Russia’s president appeared to ease tensions over Ukraine.

gold and silver novagold ego stockAppearing before Congress, Yellen said that the U.S. economy will shrug off a weak first-quarter start and improve during the rest of the year. Meanwhile, Russian President Vladimir Putin said he would order Russian troops to pull back from Ukraine’s border. Putin also called on pro-Russia separatists in Ukraine to delay a planned vote on secession.

It was another down day for gold miners, with NovaGold (NG[1]) and Eldorado Gold (EGO[2]) falling the hardest. NovaGold tumbled more than 8%, while EGO stock sank 4%.

Gold futures for June delivery dropped 1.5% to $1,288.90 per ounce on Wednesday, according to CME Group[3]. Gold prices were as high as $1,315 and as low as $1,286.60. Bullion closed in London at $1,292, according to BullionVault[4].

Silver futures for July delivery also sank 1.5% to $19.34 per ounce. Wednesday’s high for silver was $19.77, while the low was $19.30.

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

Gold and Silver Funds

Gold and Silver Mining ETFs

Gold Miners

Silver Miners

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[22] contributed to this report.

Endnotes:
  1. NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
  2. EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
  3. CME Group: http://www.cmegroup.com
  4. BullionVault: http://www.bullionvault.com
  5. GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
  6. IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
  7. SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
  8. GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
  9. GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
  10. SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
  11. AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
  12. ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
  13. GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
  14. KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
  15. NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
  16. AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
  17. CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
  18. HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
  19. PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
  20. SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
  21. SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
  22. BullionVault: http://www.bullionvault.com/

Source URL: https://investorplace.com/2014/05/gold-and-silver-report-gold-prices-drop-novagold-ego-fall/