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Gold, Silver Lack Luster on Monday

Gold Silver GLD IAU SLVGold and silver showed little movement today as investors wait for Federal Reserve Board Chairman Ben Bernanke’s testimony before Congress this week.

Gold futures traded flat Monday at a final bid of $1,591.60 per ounce, according to CME Group data. Gold reached a high of $1,594.60 and a low of $1,591.50.

Silver futures showed marginal losses Monday with a final bid of $27.30 per ounce. Monday’s high for silver prices reached $27.30, and the low was $26.96.

Gold bullion ended at $1,594 per ounce for Monday’s trading session in London, according to BullionVault.

“Keep an eye on the Dollar and the stock market for clues as to the next direction (for gold),” Marex Spectron Precious Metals Manager at Brokers David Govett said.

Gold and silver trusts climbed slightly Monday, with the exception of the iShares Gold Trust (NYSE:IAU).

  • The SPDR Gold Trust (NYSE:GLD) was up about 0.1%.
  • The iShares Gold Trust was flat.
  • The iShares Silver Trust (NYSE:SLV) climbed about 0.2%.

Gold- and silver-mining ETFs showed gains Monday with the SPDR Gold Trust (NYSE:GDX) being the only exception to the rule.

  • The Market Vectors Gold Miners ETF was down about 0.4%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) climbed about 1.6%.
  • The Global X Silver Miners ETF (NYSE:SIL) was about 0.2% higher.

Some gold-mining shares fared better than others Monday with NovaGold Resources (NYSE:NG) bringing in the highest gains and Agnico-Eagle Mines (NYSE:AEM) reporting the largest losses for the group.

  • Agnico-Eagle Mines lost about 1.5%.
  • Barrick Gold (NYSE:ABX) was up about 0.1%. 
  • Eldorado Gold (NYSE:EGO) showed losses of around 0.9%.
  • Goldcorp (NYSE:GG) was down about 0.6%.
  • Kinross Gold (NYSE:KGC) was about  1.0% lower.
  • Newmont Mining (NYSE:NEM) dipped about 1.4%.
  • NovaGold Resources was up up about 2.5%.
  • Yamana Gold (NYSE:AUY) was up about 1.2%.

Silver-mining shares moved marginally Monday with the exceptions of Pan American Silver (NASDAQ:PAAS) and  Silver Standard Resources (NASDAQ:SSRI), which showed greater losses and gains, respectively.

  • Coeur d’Alene Mines (NYSE:CDE) climbed 0.5%.
  • Hecla Mining (NYSE:HL) dipped about 0.5%.
  • Pan American Silver was around 1% lower.
  • Silver Wheaton (NYSE:SLW) climbed around 0.4%.
  • Silver Standard Resources rose 2.7%.

As of this writing, Angela Nazworth did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.


Article printed from InvestorPlace Media, https://investorplace.com/2012/07/gold-silver-lack-luster-on-monday/.

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