Gold and silver shares turned lower in late morning trading on Wednesday, fueled by broad-based weakness in U.S. equity markets and precious metals that pared their gains.
The Philadelphia Gold & Silver Index (XAU) initially rose to an intra-day high of 220.74, but later fell as much as 1.8% to 214.84. Among gold producers, AngloGold Ashanti (AU) and IAMGOLD (IAG) slid 1.2% and 2.3%, respectively. Coeur d’Alene Mines (CDE) and Pan American Silver (PAAS), two of the largest silver companies by market capitalization, retreated 1.5% and 1.8%, respectively.
Precious metals equities headed south after gold and silver futures gave up a substantial portion of their gains. COMEX gold for August delivery reached a new all-time record high of $1,631.20 earlier, but subsequently fell back toward $1,620 per ounce. Silver futures tumbled from an intra-day high of $41.465 toward $40.75 per ounce.
The broader equity markets came under considerable selling pressure as well, as the Dow Jones Industrial Average (DJIA) dropped as much as 142.97 points to 12,358.33, but recaptured close to half its losses as trading progressed.
Colossus Appoints Former Barrick Executive to Board
- In 2009, Mr. Anthony was appointed Chief Operating Officer of African Barrick Gold, which listed on the FTSE in 2010 with a market capitalization of $3.8 billion.
- Mr. Anthony graduated from Queens University in 1979 with a Bachelor of Science in Mining Engineering (Mineral Processing)."
- In order to make room for Mr. Anthony, Dr. Vic Wall agreed to step down as a director of the Company, but will maintain his current Vice President, Exploration title and will continue to guide all exploration efforts at Serra Pelada.
