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Gold and Silver Report: AUY Slips on Weaker-Than-Expected Q1 Earnings

Gold retreated for a third straight session, edging lower in Wednesday trading after the Federal Reserve announced that it would trim another $10 billion from its monthly stimulus. The Fed cut its bond-buying from $55 billion to $45 billion each month at the conclusion of its Federal Open Market Committee meeting. Economists had expected the move.

Gold and silver AUYYamana Gold (AUY) fell harder than other gold miners after it posted an adjusted first-quarter profit of $12.1 million, down from $116.1 million in the prior-year period. Adjusted EPS came in at 2 cents, falling short of the 5 cents that Wall Street had forecast. AUY stock sank 2.1% during the day.

3 Ways to Play Gold Mining After Barrick Gold-NEM Breakup
3 Ways to Play Gold Mining After Barrick Gold-NEM Breakup

Gold futures for June delivery dipped 40 cents to $1,295.90 per ounce on Wednesday, according to CME Group. Gold prices were as high as $1,298.40 and as low as $1,284.90. Bullion closed in London at $1,293, according to BullionVault.

Silver futures for July delivery dropped 1.9% at $19.17 per ounce. Wednesday’s high for silver was $19.51, while the low was $19.08.

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

Gold and Silver Funds

  • The SPDR Gold Shares (GLD) fell 0.5%.
  • The iShares Gold Trust (IAU) slid 0.5%.
  • The iShares Silver Trust (SLV) dropped 1.6%.

Gold and Silver Mining ETFs

  • The Market Vectors Gold Miners ETF (GDX) sank 0.8%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) declined 1.8%.
  • The Global X Silver Miners ETF (SIL) faded 1%.

Gold Miners

  • Agnico Eagle Mines (AEM) slipped 0.3%.
  • Barrick Gold (ABX) fell 1.1%.
  • Eldorado Gold (EGO) sank 0.5%.
  • Goldcorp (GG) fell back 0.5%.
  • Kinross Gold (KGC) slid 1.5%.
  • Newmont Mining (NEM) declined 0.8%.
  • NovaGold (NG) waned 0.6%.
  • Yamana Gold (AUY) dropped 2.1%.

Silver Miners

  • Coeur d’Alene Mines (CDE) added 0.6%.
  • Hecla Mining (HL) fell 1%.
  • Pan American Silver (PAAS) inched up 0.1%.
  • Silver Wheaton (SLW) slid 1.5%.
  • Silver Standard Resources (SSRI) faded 0.4%.

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, https://investorplace.com/2014/04/gold-and-silver-report-auy-earnings/.

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