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Gold Recovers as Investors Look for Bargains

Gold and silver rose, while miners were mixed

By Christopher Freeburn, InvestorPlace Writer

http://invstplc.com/MlWptb

Gold Silver GLD IAU SLVBargain hunters sent gold higher in Thursday trading. The metal rebounded modestly after dropping sharply on Wednesday.

Gold futures for May delivery climbed 0.4% to $1,564.50 per ounce on Thursday, according to CME Group. Gold traded as high as $1,566.60 and as low as $1,553.10. Gold bullion closed in London at $1,563 according to BullionVault.

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Silver futures for May delivery gained 0.2% to $27.70 per ounce. Thursday’s high for silver was $27.79, while the low was $27.34.

Gold and silver funds gained in Thursday trading.

  • The SPDR Gold Trust (NYSE:GLD) rose 0.2%.
  • The iShares Gold Trust (NYSE:IAU) also climbed 0.2%.
  • The iShares Silver Trust (NYSE:SLV) inched up 0.1%.

Gold and silver mining ETFs declined during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) fell 1.2%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) slipped 0.9%.
  • The Global X Silver Miners ETF (NYSE:SIL) sank 1.3%.

Gold mining shares were mixed on Thursday.

  • Agnico-Eagle Mines (NYSE:AEM) advanced 0.3%.
  • Barrick Gold (NYSE:ABX) gained 1.1%.
  • Eldorado Gold (NYSE:EGO) fell 1.6%.
  • Goldcorp (NYSE:GG) dipped 1.1%.
  • Kinross Gold (NYSE:KGC) tumbled 3.1%.
  • Newmont Mining (NYSE:NEM) sank 0.9%.
  • NovaGold Resources (AMEX:NG) slid 2.6%.
  • Yamana Gold (NYSE:AUY) dropped 0.8%.

Silver mining shares mostly fell during the day.

  • Coeur d’Alene Mines (NYSE:CDE) declined 3.6%.
  • Hecla Mining (NYSE:HL) rose 2.6%.
  • Pan American Silver (NASDAQ:PAAS) dipped 0.3%.
  • Silver Wheaton (NYSE:SLW) fell 1%.
  • Silver Standard Resources (NASDAQ:SSRI) tumbled 3.7%.

As of this writing, Christopher Freeburn 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/2013/04/gold-recovers-as-investors-look-for-bargains/.

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