Wednesday Is a Mixed Bag for Gold, Silver

by Angela Nazworth | August 8, 2012 5:02 pm

[1]Gold futures about traded 0.2% higher Wednesday, with a final bid of $1,613.10 per ounce, according to CME Group data[2]. Gold prices reached a high of $1,616.60 and a low of $1,603.10. Gold bullion finished at $1,615 per ounce for Wednesday’s trading session in London, according to BullionVault[3].

“There is a lack of momentum in the market,” a dealer in Hong Kong told Bullion Vault[4]. “Prices are unlikely to break above $1,620 but falling below $1,570 is also difficult. Many traders are more interested in watching the Olympics than trading.”

Silver futures were flat Wednesday, with a final bid of $28.08 per ounce. Wednesday’s high for silver reached $28.21, and the low was $27.66.

Gold and silver trusts had varying results Wednesday.

• The SPDR Gold Trust (NYSE:GLD[5]) was up 0.1%.
• The iShares Gold Trust (NYSE:IAU[6]) was 0.1% higher.
• The iShares Silver Trust (NYSE:SLV[7]) lost 0.2%.

Gold and silver mining ETFs also showed mixed results.

• The Market Vectors Gold Miners ETF (NYSE:GDX[8]) dipped 0.1%.
• The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[9]) finished 0.7% lower.
• The Global X Silver Miners ETF (NYSE:SIL[10]) climbed 0.5%.

Some gold mining shares fared better than others Wednesday. For example,  NovaGold Resources (AMEX:NG[11]) showed healthy gains, while Eldorado Gold (NYSE:EGO[12]

) dropped more than 2%.

• Agnico-Eagle Mines (NYSE:AEM[13]) was down 0.2%.
• Barrick Gold (NYSE:ABX[14]) finished 0.7% lower.
• Eldorado Gold dropped 2.5%.
• Goldcorp (NYSE:GG[15]) fell 0.7%.
• Kinross Gold (NYSE:KGC[16]) was 0.1% lower.
• Newmont Mining (NYSE:NEM[17]) finished 0.6% higher.
• NovaGold Resources gained 3.1%.
• Yamana Gold (NYSE:AUY[18]) finished down 0.3%.

Silver mining shares were all over the place, with Silver Wheaton (NYSE:SLW[19]) racking up big gains amid news that it raised its one- and five-year guidance[20].

• Coeur d’Alene Mines (NYSE:CDE[21]) climbed 2%.
• Hecla Mining (NYSE:HL[22])  dipped 0.2%.
• Pan American Silver (NASDAQ:PAAS[23]) was 0.5% higher.
• Silver Wheaton (NYSE:SLW[19]) rose 4.4%.
• Silver Standard Resources (NASDAQ:SSRI[24]) slipped 0.1%.

As of this writing, Angela Nazworth did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[25] contributed to this report.

Source URL: https://investorplace.com/2012/08/wednesday-is-a-mixed-bag-for-gold-silver/

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