Gold and silver relinquished their gains as trading progressed Monday morning. The Philadelphia Gold & Silver Index (XAU) climbed as much as 1.0% earlier, but turned lower by 0.3% to 219.73.
The initial strength in precious metals equities was fueled by another new all-time record high in gold futures, which hit $1,624.30 per ounce in overnight trading but fell back toward $1,615 this morning. Silver futures followed a similar path, advancing to $41.11 overnight before paring their gains to trade higher by $0.30, or 0.8%, at $40.43 per ounce in morning trading.
Notable gold shares turning lower included Agnico-Eagle Mines (AEM) and Kinross Gold (KGC), which retreated 0.8% and 1.1%, respectively. Among silver companies, Coeur d’Alene Mines (CDE) and Silver Standard Resources (SSRI) dropped 1.3% and 0.3%, respectively.
The XAU’s slide coincided with a rebound in the broader U.S. equity markets, as the Dow Jones Industrial Average (DJIA) bounced back from a 145 point decline to trade lower by just 61.68 points, or 0.5%, at 12,619.48.
Aurizon Mines Appoints George Paspalas as CEO
AURIZON MINES (ARZ.TSX, AMEX: AZK) announced that George N. Paspalas has agreed to join the Company as President and CEO and as a member of the Company’s Board of Directors, effective August 15, 2011. David Hall will continue as President and CEO until August 15, 2011 and, following Mr. Paspalas’s appointment, will continue to serve the Company as Chairman of the Board. Full Aurizon Mines Press Release.
- Mr. Paspalas has spent 14 years in senior management positions, most recently as the COO of Silver Standard Resources (SSRI).
- He previously held senior management positions with Placer Dome Inc., including Executive Vice-President and Senior Vice President Projects – Technical Development and as President and CEO of Placer Dome Africa.
- During his career, Mr. Paspalas has been responsible for constructing and operating complex open pit and underground mines in South Africa, Tanzania, Australia, South America and Canada.
