Gold, Silver Stagnant Despite Talk of QE3

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Gold Silver GLD IAU SLVGold and silver were flat Monday after a raucous end to last week — although news of the eurozone bailout seemed to breathe new life into precious metal markets on Friday, investors were relatively cautious today despite more talk of QE3.

Spot gold finished down 0.1% at the end of Monday’s trading, with a final bid of $1,596.90 per ounce. The high touched $1,604.40, and the low hit $1,587.80, according to Kitco market data.

Spot silver showed marginal gains, with a final bid of $27.52. Monday’s high for silver prices reached $27.74, and the low was $27.25.

Gold bullion ended at $1,600 per ounce for Monday’s trading session in London — the same place where it ended Friday, according to BullionVault.

“Gold still remains in the same range since early May,” according to technical analysts at bullion bank Scotia Mocatta, who added that gold “would have to move above trendline resistance [at $1624] to reverse the bearish posture.”

Gold and silver trusts were flat Monday.

  • The SPDR Gold Trust (NYSE:GLD) showed marginal losses.
  • The iShares Gold Trust (NYSE:IAU) was flat.
  • The iShares Silver Trust (NYSE:SLV) rose about 0.3%.

Movement in gold and silver mining ETFs was marginal, too.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) was flat.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) was about 0.2% lower.
  • The Global X Silver Miners ETF (NYSE:SIL) ticked up about 0.1%.

Gold mining shares were mixed Monday, including Agnico-Eagle Mines (NYSE:AEM), whose announcement that CFO Ammar Al-Joundi would be leaving the company had little impact on shares.

  • Agnico-Eagle Mines climbed about 0.3%.
  • Barrick Gold (NYSE:ABX) was down about 0.3%.
  • Eldorado Gold (NYSE:EGO) jumped about 2.8% higher.
  • Goldcorp (NYSE:GG) was down about 0.6%.
  • Kinross Gold (NYSE:KGC) climbed up around 2.9%.
  • Newmont Mining (NYSE:NEM) showed marginal losses.
  • NovaGold Resources (AMEX:NG) was about 1.9% higher.
  • Yamana Gold (NYSE:AUY) was up 0.5%.

Silver mining shares also were mixed, with the exception of Pan American Silver (NASDAQ:PAAS), which slid heavily Monday.

  • Coeur d’Alene Mines (NYSE:CDE) was up down 1.2%.
  • Hecla Mining (NYSE:HL) rose about 0.8%.
  • Pan American Silver was about 3.9% lower.
  • Silver Wheaton (NYSE:SLW) moved 0.3% higher
  • Silver Standard Resources (NASDAQ:SSRI) was up about 1.5%.

As of this writing, Angela Nazworth 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/2012/07/gold-silver-stagnant-despite-talk-of-qe3/.

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