Gold and Silver Report: NEM Stock Drops as ABX Merger Talks End

Gold edged lower in Monday trading. The metal slipped even as the U.S. imposed a fresh round of sanctions on officials and companies close to Russian President Vladimir Putin.

gold-and-silver-NEM-stock-ABXNewmont Mining (NEM) shares tumbled after it called off merger talks with fellow miner Barrick Gold (ABX). In a letter to Barrick’s board, NEM complained that “our efforts to find consensus have been rejected out of hand repeatedly.” NEM stock ended the day down almost 7%, while ABX shares fell more than 3%.

Gold futures for June delivery dipped 0.1% to $1,299 per ounce on Monday, according to CME Group. Gold prices were as high as $1,306.60 and as low as $1,292.10. Bullion closed in London at $1,297, according to BullionVault.

Silver futures for May delivery sank 0.5% at $19.59 per ounce. Monday’s high for silver was $19.76, while the low was $19.47.

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

Gold and Silver Funds

  • The SPDR Gold Shares (GLD) fell 0.4%.
  • The iShares Gold Trust (IAU) faded 0.5%.
  • The iShares Silver Trust (SLV) also declined 0.5%.

Gold and Silver Mining ETFs

  • The Market Vectors Gold Miners ETF (GDX) slid 1.9%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) dropped 3.5%.
  • The Global X Silver Miners ETF (SIL) sank 1.6%.

Gold Miners

  • Agnico Eagle Mines (AEM) fell 0.5%.
  • ABX declined 3.1%.
  • Eldorado Gold (EGO) was flat.
  • Goldcorp (GG) sank 1.5%.
  • Kinross Gold (KGC) dropped 3.4%.
  • NEM stock plunged 6.7%.
  • NovaGold (NG) tumbled 5.2%.
  • Yamana Gold (AUY) slid 2.2%.

Silver Miners

  • Coeur d’Alene Mines (CDE) dropped 2.8%.
  • Hecla Mining (HL) sank 1.3%.
  • Pan American Silver (PAAS) fell 3.1%.
  • Silver Wheaton (SLW) slid 1.1%.
  • Silver Standard Resources (SSRI) dropped 3.8%.

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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