Gold and Silver Report: AUY Sinks After GG Drops Hostile Osisko Bid

Gold rose modestly in heavy Thursday trading, posting a gain for the second straight session as Russia threatened new intervention in Ukraine. Russia’s latest threats came in response to military action taken by Kiev against pro-Russian militias in the country’s troubled eastern region. The U.S. has warned of harsher sanctions against Moscow if it violates Ukrainian sovereignty.

gold-and-silver-AUY-GG Yamana Gold (AUY) fell harder than other gold miners after Goldcorp (GG) announced that it would not increase its hostile bid for fellow Canadian miner Osisko Mining. AUY and Agnico Eagle Mines (AEM) have bid C$3.9 billion for Osisko. AUY dropped 3.2% on Thursday, while GG and AEM both slipped 0.7%.

Gold futures for June delivery climbed 0.6% to $1,290.60 per ounce on Thursday, according to CME Group. Gold prices were as high as $1,299 and as low as $1,268.40. Bullion closed in London at $1,295, according to BullionVault.

Silver futures for May delivery jumped 1.3% to settle at $19.69 per ounce. Thursday’s high for silver was $19.91, while the low was $18.93.

Here’s how metal-based funds and mining stocks fared on Thursday:

Gold and Silver Funds

  • The SPDR Gold Shares (GLD) added 0.7%.
  • The iShares Gold Trust (IAU) rose 0.6%.
  • The iShares Silver Trust (SLV) climbed 1.2%.

Gold and Silver Mining ETFs

  • The Market Vectors Gold Miners ETF (GDX) fell 1.4%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) tumbled 2.8%.
  • The Global X Silver Miners ETF (SIL) sank 1.4%.

Gold Miners

  • AEM slipped 0.7%.
  • Barrick Gold (ABX) fell 1.9%.
  • Eldorado Gold (EGO) dropped 2.4%.
  • GG sank 0.7%.
  • Kinross Gold (KGC)  declined 1.7%.
  • Newmont Mining (NEM) moved down 1.7%.
  • NovaGold (NG) faded 1.1%.
  • AUY tumbled 3.2%.

Silver Miners

  • Coeur d’Alene Mines (CDE) added 0.1%.
  • Hecla Mining (HL) fell 1.3%.
  • Pan American Silver (PAAS) sank 1.7%.
  • Silver Wheaton (SLW) dipped 0.6%.
  • Silver Standard Resources (SSRI) dropped 3.1%.

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.

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