Gold and Silver Report: AUY, AEM Stock Drop on Joint Osisko Bid

Gold advanced fractionally in Wednesday trading as renewed violence in Eastern Ukraine boosted the metal’s safe-haven appeal.

Gold Silver GLD IAU SLVA deal between Yamana Gold (AUY) and Agnico-Eagle Mines (AEM) to acquire fellow Canadian miner Osisko Mining for $3.55 billion sent AUY and AEM stock down sharply. News of the deal — which has Osisko’s support — comes a week after GoldCorp (GG) increased its hostile bid for Osisko. GG stock rose modestly during the day.

Gold futures for June delivery inched up 0.2% to $1,303.50 per ounce on Wednesday, according to CME Group. Gold prices were as high as $1,307.10 and as low as $1,293.50. Bullion closed in London at $1,304, according to BullionVault.

Silver futures for May delivery rose 0.7% to settle at $19.63 per ounce. Wednesday’s high for silver was $19.81, while the low was $19.33.

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

Gold and Silver Funds

  • The SPDR Gold Shares (GLD) rose 0.1%.
  • The iShares Gold Trust (IAU) was flat.
  • The iShares Silver Trust (SLV) added 0.2%.

Gold and Silver Mining ETFs

  • The Market Vectors Gold Miners ETF (GDX) dropped 0.9%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) slipped 0.4%.
  • The Global X Silver Miners ETF (SIL) declined 1.3%.

Gold Miners

  • AEM stock tumbled 8.6%.
  • Barrick Gold (ABX) slid 1.2%.
  • Eldorado Gold (EGO) sank 0.9%.
  • Goldcorp rose 0.4%.
  • Kinross Gold (KGC) rose 0.2%.
  • Newmont Mining (NEM) fell 0.5%.
  • NovaGold Resources (NG) stock slipped 0.6%.
  • AUY dropped 4.4%.

Silver Miners

  • Coeur d’Alene Mines (CDE) retreated 1.7%.
  • Hecla Mining (HL) pulled back 1.9%.
  • Pan American Silver (PAAS) declined 1.5%.
  • Silver Wheaton (SLW) faded 0.9%.
  • Silver Standard Resources (SSRI) also fell 0.9%.

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,

©2022 InvestorPlace Media, LLC