Gold and silver shares bounced back from earlier losses on Friday despite continued weakness in precious metals.
The Philadelphia Gold & Silver Index – comprised of the world’s
largest precious metals producers – initially fell as much as 1.5% to
151.07 but later rose back toward unchanged at 153.44 in mid-day
trading. Nonetheless, the XAU remains near a multi-year low and is on
pace for a weekly loss of 2.1%.
The sector’s rebound coincided with the broader equity markets, as
the S&P 500 Index climbed back from a 0.7% hole at 1,348.89 to as
high as 1,365.66. The U.S. Dollar Index concurrently pared its gains
but remained fractionally higher at 80.150 early this afternoon.
The dollar’s stability helped keep a lid on precious metals, which
pared their losses but remained in negative territory. COMEX gold
futures for June delivery retreated $10.20, or 0.6%, to $1,585.30 per
ounce while COMEX silver futures for July delivery slipped $0.21, or
0.7%, to $28.97 per ounce.
Notable gold and silver shares moving higher on Friday included Goldcorp (GG) and Silver Wheaton (SLW) – which advanced by 0.4% to $35.49 and by 1.1% to $26.79 per share, respectively.
On the downside, Agnico-Eagle Mines (AEM) dropped by 0.7% to $37.45
while Pan American Silver (PAAS) slid 1.6% to $16.74 per share.
Source; http://www.goldalert.com/2012/05/precious-metals-shares-recoup-losses-xau-rebounds/
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