Euro concerns continue to rule over the market. The rumor mill yesterday of renewed stimulus out of China was just that, a rumor. The continual upheaval in Europe is weighing on the gold and silver both as investors flee into the dollar.
Physical demand for both has been tempered by a lack of price direction. Investors are sitting on the sidelines to see how many shoes drop on the global economy. Your normal doom and gloomers are pushing gold for the long-term, but short-term the downward pressure on the metals could be significant if the EU unwinds in a dramatic fashion.
Silver and gold bulls both thrive off of QE and other easing policies. If the Fed comes out with a definitive statement one way or the other it could give the price direction investors are looking for.
Currently the spot price for gold is down $13 to $1541.70 per ounce. Silver prices are also taking a hit, down 23 cents to $27.65 per ounce.
Gold and Silver Stocks
Eldorado Gold Corp. (NYSE:EGO) is down 3.61% this morning at $11.22. EGO has traded 1.2 million shares so far today and trades 4.6 million shares a day on average. EGO shares were up more than $1 a share over the past week before selling off today. The company has a market cap of 7.86 billion.
Kinross Gold Corporation (NYSE:KGC) is down 2.09% today at $7.95. KGC has traded 1.2 million shares so far today and trades 9.9 million shares a day on average. KGC shares were trading as low as $7.78 this morning, but have recovered some. The company has a market cap of 9.05 billion.
Newmont Mining Corp. (NYSE:NEM) is down 1.04% today at $47.68. NEM has traded 1.2 million shares so far today and trades 7.5 million shares a day on average. NEM shares have dropped about $1.50 a share this week. The company has a market cap of 23.54 billion.
Yamana Gold, Inc. (NYSE:AUY) is down 1.92% this morning at $14.34. AUY has traded 1.2 million shares so far today and trades 7.4 million shares a day on average. AUY was trading as high as $15 a share yesterday before falling as low as $14.08 today. The company has a market cap of 10.76 billion.
Silver Wheaton Corp. (NYSE:SLW) is down 3.04% this morning at $25.51. SLW has traded 1.2 million shares so far today and trades 5.7 million shares a day on average. SLW stock has dropped $1.50 so far this week. The company has a market cap of 9.05 billion.
Hecla Mining Co. (NYSE:HL) is down 2.86% today at $4.41. HL has traded 889 thousand shares so far today and trades 5.5 million shares a day on average. HL shares were up as much as $0.60 over the past week before dropping as much as $0.20 today. The company has a market cap of 1.27 billion.
Silvercorp Metals Inc. (NYSE:SVM) is down 0.50% today at $5.93. SVM has traded 343 thousand shares so far today and trades 1.5 million shares a day on average. SVM shares have recovered most of its losses today and was trading as low as $5.74 shortly after market open. The company has a market cap of 1.01 billion.
ProShares Ultra Silver (NYSEARCA:AGQ) is down 1.99% today at $39.17. AGQ has traded 343 thousand shares so far today and trades 2.05 million shares a day on average. AGQ shares have dropped $3 a share this week.
iShares Silver Trust (NYSEARCA:SLV) is down 1.03% today at $26.82. SLV has traded 2.1 million shares so far today and trades 17.07 million shares a day on average. SLV shares are down over $1 a share over the past two days.
About Danny Fisher
