The gold and silver bulls that were hoping for some sort of QE announcement yesterday were left sorely disappointed. The congressional testimony by Fed Chairman Ben Bernanke gave no indication of a new round of easing is just around the corner. It was mostly platitudes that the Fed stands ready to act on any economic deterioration.
Analysts over the past week have come out saying that gold is acting less and less like a safe haven and is more tied to monetary policy now. Every move by gold and silver seems predicated on the rumors surrounding easing policies of the United States, Europe and China.
A quick snapshot and gold and silver has gold prices down $7.40 to $1581.10 per ounce. Silver prices are following the negative trend, down 29 cents to $28.35 per ounce.
Gold and Silver Stocks
Eldorado Gold Corp. (NYSE:EGO) is down 3.25% this morning at $11.62. EGO has traded 2.06 million shares so far today and trades 4.7 million shares a day on average. EGO shares have fallen more than $1 a share over the past few days. The company has a market cap of 8.32 billion.
Barrick Gold Corporation (NYSE:ABX) is up 0.26% today at $38.91. ABX has traded 1.8 million shares so far today and trades 9.08 million shares a day on average. ABX shares are down more than $4 a share over the past few days. The company has a market cap of 39.01 billion.
Kinross Gold Corporation (NYSE:KGC) is down 0.43% this morning at $8.06. KGC has traded 1.5 million shares so far today and trades 10 million shares a day on average. KGC shares are down $1 a share over the past three days. The company has a market cap of 9.18 billion.
Yamana Gold, Inc. (NYSE:AUY) is up 0.70% in early trading at $15.80. AUY has traded 1.5 million shares so far today and trades 7.4 million shares a day on average. AUY shares have fallen about $0.60 a share over the past few days. The company has a market cap of 11.79 billion.
Newmont Mining Corp. (NYSE:NEM) is down 0.66% this morning at $50.00. NEM has traded 1.1 million shares so far today and trades 7.7 million shares a day on average. NEM shares have fallen $2 a share over the past few days. The company has a market cap of 24.78 billion.
Silver Wheaton Corp. (NYSE:SLW) is down 0.33% this morning at $27.03. SLW has traded 1.2 million shares so far today and trades 5.7 million shares a day on average. SLW shares are down $1.50 a share since Wednesday. The company has a market cap of 9.56 billion.
iShares Silver Trust (NYSEARCA:SLV) is down 1.08% this morning at $27.49. SLV has traded 2.4 million shares so far today and trades 14.8 million shares a day on average. SLV shares have dropped $1.50 a share over the past few days.
ProShares Ultra Silver (NYSEARCA:AGQ) is down 2.14% today at $40.81. AGQ has traded 366 thousand shares so far today and trades 1.8 million shares a day on average. AGQ shares have dipped $5 a share over the past couple of days.
Hecla Mining Co. (NYSE:HL) is up 1.11% today at $4.55. HL has traded 1.1 million shares so far today and trades 5.3 million shares a day on average. HL shares have went up as much as $0.40 a share over the past few days. The company has a market cap of 1.29 billion.
Pan American Silver Corp. (NASDAQ:PAAS) is down 0.77% this morning at $18.17. PAAS has traded 370 thousand shares so far today and trades 2.02 million shares a day on average. PAAS shares are down $1 a share over the past three days. The company has a market cap of 2.79 billion.
About Kyle Pinder
