Gold and Silver Report: NovaGold Resources Falls as Gold Prices Dip

by Christopher Freeburn | May 16, 2014 4:34 pm

Gold prices moved fractionally lower on Friday, but closed out the week with a 0.5% gain.

Gold mining stocks mostly declined during the day, with NovaGold Resources (NG[1]) falling harder than most. NovaGold Resources ended the session down more than 3%.

Gold futures for June delivery shed 20 cents to $1,293.40 per ounce on Friday, according to CME Group[2]. Gold prices were as high as $1,298.30 and as low as $1,287.70. Bullion closed in London at $1,295, according to BullionVault[3].

Silver futures for July delivery slid 0.7% to $19.33 per ounce. Friday’s high for silver was $19.53, while the low was $19.26.

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

Gold and Silver Funds

• The SPDR Gold Shares (GLD[4]) sank 0.2%.
• The iShares Gold Trust (IAU[5]) also dipped 0.2%.
• The iShares Silver Trust (SLV[6]) fell 0.8%.

Gold and Silver Mining ETFs

• The Market Vectors Gold Miners ETF (GDX[7]) declined 0.9%.
• The Market Vectors Junior Gold Miners ETF (GDXJ[8]) edged down 0.1%.
• The Global X Silver Miners ETF (SIL[9]) dropped 1%.

Gold Miners

• Agnico Eagle Mines (AEM[10]) faded 1.2%.
• Barrick Gold (ABX[11]) sank 1.4%.
• Eldorado Gold  dropped 2.2%.
• Goldcorp (GG[12]) fell 1.4%.
• Kinross Gold (KGC[13]) declined 1%.
• Newmont Mining (NEM[14]) slid 1.2%.
• NovaGold Resources tumbled 3.2%.
• Yamana Gold (AUY[15]) climbed 0.8%.

Silver Miners

• Coeur d’Alene Mines (CDE[16]) dipped 0.1%.
• Hecla Mining (HL[17]) climbed 0.7%.
• Pan American Silver (PAAS[18]) gained 1.5%.
• Silver Wheaton (SLW[19]) sank 1.6%.
• Silver Standard Resources (SSRI[20]) edged down 0.4%.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[21] contributed to this report.

Source URL: https://investorplace.com/2014/05/gold-and-silver-report-novagold-resources-falls-gold-prices-dip/

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