Gold and Silver Report: Gold Prices Slip, AEM Stock Gains

by Christopher Freeburn | May 6, 2014 5:09 pm

Gold prices retreated slightly in Tuesday trading as investors digested a positive U.S. economic report while watching the still-unfolding violence in Ukraine.

The Commerce Department said that the U.S. trade deficit fell 3.6% to $40.4 billion. Economists had expected the trade deficit to come in around $40 billion. U.S. exports saw their largest gain since June, climbing 2.2% to $193.9 billion. The government also revised downward February’s trade deficit from a previously reported $42.3 billion, to $41.9 billion.

Though it was generally a down day for gold miners, Agnico Eagle Mines (AEM[1]) saw its shares rise 1.4% after Raymond James raised its price target[2] for AEM stock from C$38 to C$39. The firm maintains an “Outperform” rating for AEM stock.

Gold futures for June delivery dipped 0.1% to $1,308.60 per ounce on Tuesday, according to CME Group[3]. Gold prices were as high as $1,314.30 and as low as $1,304.40. Bullion closed in London at $1,309, according to BullionVault[4].

Silver futures for July delivery rose 0.4% to $19.65 per ounce. Tuesday’s high for silver was $19.72, while the low was $19.51.

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

Gold and Silver Funds

• The SPDR Gold Shares (GLD[5]) slipped 0.2%.
• The iShares Gold Trust (IAU[6]) faded 0.2%.
• The iShares Silver Trust (SLV[7]) declined 0.2%.

Gold and Silver Mining ETFs

• The Market Vectors Gold Miners ETF (GDX[8]) sank 0.5%.
• The Market Vectors Junior Gold Miners ETF (GDXJ[9]) fell 0.8%.
• The Global X Silver Miners ETF (SIL[10]) slid 0.3%.

Gold Miners

• AEM stock climbed 1.4%.
• Barrick Gold Corporation (ABX[11]) slipped 0.1%.
• Eldorado Gold (EGO[12]) slid 0.3%.
• Goldcorp (GG[13]) faded 0.2%.
• Kinross Gold (KGC[14]) dropped 1.2%.
• Newmont Mining (NEM[15]) fell 1%.
• NovaGold (NG[16]) tumbled 2.6%.
• Yamana Gold (AUY[17]) moved down 0.5%.

Silver Miners

• Coeur d’Alene Mines (CDE[18]) dropped 1.4%.
• Hecla Mining (HL[19]) slid 0.3%.
• Pan American Silver (PAAS[20]) fell 1.5%.
• Silver Wheaton (SLW[21]) retreated 1.2%.
• Silver Standard Resources (SSRI[22]) sank 1.7%.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[23] contributed to this report.

Source URL: https://investorplace.com/2014/05/gold-silver-report-gold-prices-slip-aem-stock-gains/

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