Gold Settles Under $1,600, Silver Near $29
By Eric McWhinnie | May 10, 2012 5:19 AM EST
Both precious metals struggled as eurozone officials debated delaying a 5.2 billion euro payment to Greece, due to political backlash. Greece owes a 3.3 billion euro payment to the European Central Bank next week. However, gold and silver both bounced off their intra-day lows as an agreement was reached.
Don’t Miss: Warren Buffett and Charlie Munger Tag Team Gold
Reuters reports, “After a conference call, the board of the European Financial Stability Facility, the 700 billion euro bailout fund administered by the 17 countries that use the euro, agreed to make the scheduled payment, which will allow Greece to meet near-term bond redemptions and other obligations.”
In afternoon trading, the SPDR Gold Trust (NYSEARCA:GLD) and iShares Silver Trust (NYSEARCA:SLV) both declined about 1.04 percent. However, several gold miners (NYSEARCA:GDX) climbed higher as value investors came into the market. Newmont Mining (NYSE:NEM) jumped 4 percent, while Barrick Gold (NYSE:ABX) gained 2.8 percent. Silver investments such as Silver Wheaton Corp. (NYSE:SLW) increased 2.5 percent, while Hecla Mining (NYSE:HL) dropped .98 percent.
Shares of Endeavour Silver (NYSE:EXK) jumped more than 5 percent after reporting strong financial results for the first-quarter. Adjusted earnings surged 35 percent to $19.6 million (22 cents per share), compared to $14.5 million (18 cents per share) a year earlier. Revenues increased 39 percent to $49 million.
Investor Insight: Einhorn and Ron Paul on Bernanke’s Wealth Effect Fed Policy
If you would like to receive professional analysis on equity miners and other precious metal investments, we invite you to try our premium service free for 14 days.
Disclosure: Long EXK, AG, HL, PHYS
Most Popular Slideshows
- Still The World Champions: Team USA Overpowers Serbia, 129-92 To Win 2014 FIBA World Cup [PHOTOS]
- Kanye West, Ben Affleck, Serena Williams Are Victims Of Migraines: Ways To Tackle It
- Pope Francis: World War III Has Started On Piecemeal
- After Win Over Maidana, Mayweather Says He Is Prepared To Negotiate A Fight With Pacquiao
Join the Conversation
- iPhone 6 vs iPhone 6 Plus vs Galaxy S5 and HTC One M8: Performance, CPU and Health
- Google Release Roundup: Nexus 5 2014, Nexus 6, Nexus 8 and Android L Killer Features
- Samsung Attacks iPhone 6 Plus Through New Galaxy Note 4 Commercial: Apple Claims Imitating Galaxy Note Phablets
- iPhone 6 And IPhone 6 Plus Sold Out, New Stocks To Arrive In October
- Moto G (Gen 2) vs. Xiaomi Redmi 1S—Specifications, Features And Price Showdown
- Nexus 6, 8 Release Dates Imminent as Moto X Pre-Order Begins & Nexus 7 Deals Ramp Up
- iPhone 6 And iPhone 6 Plus Shipping Has Begun, Expected To Reach Customers’ Doorstep On Sept 19 Launch Date