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

by Christopher Freeburn | April 16, 2014 5:09 pm

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[1]) and Agnico-Eagle Mines (AEM[2]) 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[3]) 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[4]. 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[5].

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

Gold and Silver Mining ETFs

Gold Miners

Silver Miners

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[22] contributed to this report.

  1. AUY:
  2. AEM:
  3. GG:
  4. CME Group:
  5. BullionVault:
  6. GLD:
  7. IAU:
  8. SLV:
  9. GDX:
  10. GDXJ:
  11. SIL:
  12. ABX:
  13. EGO:
  14. KGC:
  15. NEM:
  16. NG:
  17. CDE:
  18. HL:
  19. PAAS:
  20. SLW:
  21. SSRI:
  22. BullionVault:

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