Gold and Silver Report – NovaGold Resources Gains as Gold Prices Rise

by Christopher Freeburn | May 20, 2014 4:40 pm

Gold prices edged higher for a second consecutive session on Tuesday, while U.S. equities markets retreated.

On a day with mixed movement for gold mining stocks, NovaGold Resources rose higher than rival miners. NovaGold Resources ended the session up more than 2%.

Gold futures for June delivery advanced 0.1% to $1,294.60 per ounce on Tuesday, according to CME Group[1]. Gold prices were as high as $1,297.20 and as low as $1,286. Bullion closed in London at $1,296, according to BullionVault[2].

Silver futures for July delivery climbed 5 cents to $19.40 per ounce. Tuesday’s high for silver was $19.47, while the low was $19.23.

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

Gold and Silver Funds

• The SPDR Gold Shares (GLD[3]) increased 0.1%.
• The iShares Gold Trust (IAU[4]) gained 0.1%.
• The iShares Silver Trust (SLV[5]) rose 0.2%.

Gold and Silver Mining ETFs

• The Market Vectors Gold Miners ETF (GDX[6]) slipped 0.2%.
• The Market Vectors Junior Gold Miners ETF (GDXJ[7]) sank 0.6%.
• The Global X Silver Miners ETF (SIL[8]) fell 0.9%.

Gold Miners

• Agnico Eagle Mines (AEM[9]) slid 1.2%.
• Barrick Gold (ABX[10]) rose 0.6%.
• Eldorado Gold added 0.7%.
• Goldcorp (GG[11]) inched up 0.1%.
• Kinross Gold (KGC[12]) sank 0.8%.
• Newmont Mining (NEM[13]) climbed 1.2%.
• NovaGold Resources gained 2.3%.
• Yamana Gold (AUY[14]) was flat.

Silver Miners

• Coeur d’Alene Mines (CDE[15]) fell 2.9%.
• Hecla Mining (HL[16]) sank 2.3%.
• Pan American Silver (PAAS[17]) rose 0.2%.
• Silver Wheaton (SLW[18]) declined 1.1%.
• Silver Standard Resources (SSRI[19]) slid 1.9%.

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-novagold-resources-gains-gold-prices-rise/

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