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

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

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

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

PreciousMetalsRecap Gold and Silver Report: Gold Prices Slip, AEM Stock GainsThe 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

Gold and Silver Mining ETFs

Gold Miners

Silver Miners

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.

Endnotes:
  1. AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
  2. raised its price target: http://www.wkrb13.com/markets/303209/agnico-eagle-mines-pt-raised-to-c39-00-at-raymond-james-aem/
  3. CME Group: http://www.cmegroup.com
  4. BullionVault: http://www.bullionvault.com
  5. GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
  6. IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
  7. SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
  8. GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
  9. GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
  10. SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
  11. ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
  12. EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
  13. GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
  14. KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
  15. NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
  16. NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
  17. AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
  18. CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
  19. HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
  20. PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
  21. SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
  22. SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
  23. BullionVault: http://www.bullionvault.com/

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