Gold Posts 3% Gain for January

Silver dipped and miners were mostly lower

By Christopher Freeburn, InvestorPlace Writer

Gold Silver GLD IAU SLVGold slipped slightly in Friday trading, extending yesterday’s losses. The metal declined 1.9% for the week, but closed out the month up 3.1%.

Newmont Mining (NEM) shares sank after the company predicted gold production of between 5 million and 5.3 million ounces for 2014. That disappointed analysts who had forecast gold production of 5.5 million ounces for the year. NEM shares dropped more than 10%.

Trade of the Day: Market Vectors Gold Juniors ETF (GDXJ)
Trade of the Day: Market Vectors Gold Juniors ETF (GDXJ)

Gold futures for April delivery slid 0.2% to $1,239.80 per ounce on Friday, according to CME Group. Gold traded as high as $1,254.80 and as low as $1,238.20. Bullion closed in London at $1,246, according to BullionVault.

Silver futures for March delivery dropped 1 cent, to $19.12 per ounce. Friday’s high for silver was $19.47, while the low was $19.07.

Metal funds were mixed on Friday.

  • The SPDR Gold Shares (GLD) rose 0.2%.
  • The iShares Gold Trust (IAU) edged up 0.1%.
  • The iShares Silver Trust (SLV) sank 0.2%.

Mining ETFs moved lower during the day.

  • The Market Vectors Gold Miners ETF (GDX) was flat.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) fell 0.2%.
  • The Global X Silver Miners ETF (SIL) dropped 0.7%.

Gold stocks were mixed on Friday.

  • Agnico-Eagle Mines (AEM) climbed 1.4%.
  • Barrick Gold (ABX) inched up 0.3%.
  • Eldorado Gold (EGO) fell 0.6%.
  • Goldcorp (GG) jumped 3.2%.
  • Kinross Gold (KGC) sank 0.7%.
  • Newmont Mining plunged 10.4%.
  • NovaGold Resources (NG) moved down 2.4%.
  • Yamana Gold (AUY) declined 2.2%.

Silver mining shares retreated during the day.

  • Coeur d’Alene Mines (CDE) fell 1.9%.
  • Hecla Mining (HL) sank 1.5%.
  • Pan American Silver (PAAS) slid 1.6%.
  • Silver Wheaton (SLW) edged down 0.3%.
  • Silver Standard Resources (SSRI) dropped 1.4%.

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,

©2018 InvestorPlace Media, LLC