Gold & Silver Prices Decline, But Silver Miners Edge Higher
Investors remain confused as headlines from Europe continue to flood the market. While the markets may be expecting a resolution over the weekend, Europe still appears to be deciding the best approach. Germany now says that more work is needed before a euro package deal is reached. The goal is to have an agreement by next week. The US dollar gained (NYSE:UUP), but once again hit resistance at 77.50.
Although the Dow (NYSE:DIA) remained mostly flat for the day, gold and silver equities bounced around quite a bit. Gold miners (AMEX:GDX) AngloGold (NYSE:AU) and Barrick Gold (NYSE:ABX) both declined nearly 3% in afternoon trading. Shares of Newmont Mining (NYSE:NEM) declined 1.6% as protests force the miner to close its Peruvian mine. Local protestors have blocked access roads to the mine, even destroyed certain production equipment. Another $2 million worth of damage was done to equipment owned by an independent contractor. Silver miners (NYSE:SIL) also saw large swings in the day. First Majestic Silver (NYSE:AG) shares fell 3%, while Endeavour Silver (AMEX:EXK) edged slightly higher. Thursday’s trading range for Endeavour varied from a low of $8.79 to a high of $9.34. Silver Wheaton (NYSE:SLW) also traded higher during the final trading hour of the day.
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