Gold and Silver Report: NG Stock Surges, SSRI Drops as Gold Prices Gain

The metal remains under $1,300 per ounce

   

Gold and Silver Report: NG Stock Surges, SSRI Drops as Gold Prices Gain

Gold prices rose modestly in Monday trading, snapping a four-session losing streak. The metal climbed after pro-separatist leaders declared victory in Sunday’s referendums in Eastern Ukraine. The separatists say they want their regions to leave Ukraine and join Russia. The U.S. and European Union have said they will not recognize the referendums and have threatened Moscow with more serious sanctions if unrest continues.

PreciousMetalsRecap Gold and Silver Report: NG Stock Surges, SSRI Drops as Gold Prices GainOn a mostly upbeat day for mining stocks, NovaGold (NG) outpaced other miners, while Silver Standard Resources (SSRI) dropped sharply. NG stock gained 4%. SSRI, on the other hand, fell more than 6% as Friday’s disappointing first-quarter earnings report continued to give investors indigestion. 

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Gold futures for June delivery advanced 0.6% to $1,295.80 per ounce on Monday, according to CME Group. Gold prices were as high as $1,304.50 and as low as $1,277.70. Bullion closed in London at $1,298, according to BullionVault.

Silver futures for July delivery jumped 2.2% cents to $19.54 per ounce. Monday’s high for silver was $19.67, while the low was $19.05.

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

Gold and Silver Funds

  • The SPDR Gold Shares (GLD) added 0.7%.
  • The iShares Gold Trust (IAU) rose 0.6%.
  • The iShares Silver Trust (SLV) gained 2%.

Gold and Silver Mining ETFs

  • The Market Vectors Gold Miners ETF (GDX) added 0.9%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) climbed 1.1%.
  • The Global X Silver Miners ETF (SIL) advanced 1.6%.

Gold Miners

  • Agnico Eagle Mines (AEM) rose 2.8%.
  • Barrick Gold Corporation (ABX) increased 0.7%.
  • Eldorado Gold (EGO) was unchanged.
  • Goldcorp (GG) edged up 0.1%.
  • Kinross Gold (KGC) advanced 0.6%.
  • Newmont Mining (NEM) climbed 2%.
  • NG stock jumped 4%.
  • Yamana Gold (AUY) slipped 0.3%.

Silver Miners

  • Coeur d’Alene Mines (CDE) rose 2.4%.
  • Hecla Mining (HL) gained 2.6%.
  • Pan American Silver (PAAS) increased 2.3%.
  • Silver Wheaton (SLW) added 1.3%.
  • SSRI tumbled 6.5%.

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-ng-stock-surges-ssri-drops-gold-prices/.

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