Gold and Silver Report: Gold Prices Jump on Ukraine, AEM Stock Soars

by Christopher Freeburn | May 2, 2014 4:38 pm

Gold gained sharply in Friday trading, rising back above $1,300 an ounce, as Ukrainian government forces engaged Russian separatist militias in the eastern part of the country. Gold fell early in the session after the Labor Department released a report showing stronger U.S. hiring last month. However, reports of more fighting in Ukraine, including dozens dead in a fire at a trade union building in Odessa, bolstered the metal’s safe haven appeal.

Agnico Eagle Mines (AEM[1]) surged during the day, outpacing other gold miners, after the company reported adjusted first-quarter net income of 61 cents a share on revenue of $491.77 million. That soundly beat the earnings of 22 cents a share on revenue of $443.27 million that Wall Street had expected. AEM stock closed up 9.2%.

Gold futures for June delivery surged 1.5% to $1,302.90 per ounce on Friday, according to CME Group. Gold prices were as high as $1,304.90 and as low as $1,272. Bullion closed in London at $1,300, according to BullionVault.

Silver futures for July delivery climbed 2.6% to $19.55 per ounce. Friday’s high for silver was $19.70, while the low was $18.91.

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

Gold and Silver Funds

• The SPDR Gold Shares (GLD[2]) rose 1%.
• The iShares Gold Trust (IAU[3]) added 1%.
• The iShares Silver Trust (SLV[4]) increased 1.9%.

Gold and Silver Mining ETFs

• The Market Vectors Gold Miners ETF (GDX[5]) climbed 2.2%.
• The Market Vectors Junior Gold Miners ETF (GDXJ[6]) gained 2.5%.
• The Global X Silver Miners ETF (SIL[7]) advanced 3%.

Gold Miners

• AEM stock jumped 9.2%.
• Barrick Gold Corporation (ABX[8]) added 1.7%.
• Eldorado Gold (EGO[9]) rose 3.5%.
• Goldcorp (GG[10]) climbed 2.1%.
• Kinross Gold (KGC[11]) increased 1.5%.
• Newmont Mining (NEM[12]) moved up 0.8%.
• NovaGold (NG[13]) gained 1.1%.
• Yamana Gold (AUY[14]) advanced 0.8%.

Silver Miners

• Coeur d’Alene Mines (CDE[15]) rose 1.5%.
• Hecla Mining (HL[16]) climbed 2.6%.
• Pan American Silver (PAAS[17]) gained 3.6%.
• Silver Wheaton (SLW[18]) added 1.4%.
• Silver Standard Resources (SSRI[19]) increased 3.8%.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[20] contributed to this report.

Source URL: https://investorplace.com/2014/05/gold-and-silver-report-gold-prices-jump-ukraine-aem-soars/

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