Gold, Silver Futures Stagnant; Mining Stocks More Positive

Agnico-Eagle, Pan American Silver among solid gainers

By Angela Nazworth, InvestorPlace Writer Jul 30, 2012, 5:05 pm EDT

Gold Silver GLD IAU SLVGold futures about traded 0.1% higher Monday, with a final bid of $1,619.70 per ounce, according to . Gold prices reached a high of $1,625.80 and a low of $1,613.10. Gold bullion finished flat at $1,625 per ounce for Monday’s trading session in London, according to .

“We maintain that overall positioning in gold remains weak, and we are skeptical about the sustainability of any gold rallies over the short term, especially as it appears that QE hopes are once again raised ahead of this week’s FOMC meeting,” Standard Bank commodities strategist .

Silver futures traded 0.2% higher Monday, with a final bid of $28.01 per ounce. Monday’s high for silver prices reached $28.06, and the low was $27.55.

Gold trusts showed slight losses Monday, while the iShares Silver Trust (NYSE:) headed in the other direction.

  • The SPDR Gold Trust (NYSE:) finished down 0.1%.
  • The iShares Gold Trust (NYSE:) also was 0.1% lower.
  • The iShares Silver Trust climbed 1.5%.

Gold and silver mining ETFs showed varying results Monday.

  • The 蜜桃传媒 Vectors Gold Miners ETF (NYSE:) climbed 1.4%.
  • The 蜜桃传媒 Vectors Junior Gold Miners ETF (NYSE:) showed marginal losses.
  • The Global X Silver Miners ETF (NYSE:) was 0.8% higher.

Gold mining shares showed varying results Monday.

  • Agnico-Eagle Mines (NYSE:) was up 2.7%.
  • Barrick Gold (NYSE:) finished 2.2% higher.
  • Eldorado Gold (NYSE:) jumped 3%.
  • Goldcorp (NYSE:) finished 0.9% higher.
  • Kinross Gold (NYSE:) was 0.8% higher.
  • Newmont Mining (NYSE:) gained 1.7%, rebounding from Friday’s post-earnings selloff.
  • NovaGold Resources (AMEX:) was 0.5% lower.
  • Yamana Gold (NYSE:) finished down 0.5%.

Silver mining shares finished broadly higher, Hecla Mining (NYSE:) the exception.

  • Coeur d’Alene Mines (NYSE:) was up 1.8%.
  • Hecla Mining finished 0.6% lower.
  • Pan American Silver (NASDAQ:) was 2.7% higher.
  • Silver Wheaton (NYSE:) ticked up 2.1%.
  • Silver Standard Resources (NASDAQ:) gained 2.95%.

As of this writing, Angela Nazworth did not hold a position in any of the aforementioned securities. Adrian Ash of  contributed to this report.

Industrial, Precious Metals

Article printed from InvestorPlace Media, /2012/07/gold-silver-futures-stagnant-miners-more-positive/.

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