Gold and silver shares relinquished their gains Monday afternoon amid another broad-based sell-off in U.S. equity markets.
The Philadelphia Gold & Silver Index (XAU), which rose as much as 2.6% to 189.86 this morning, was lower by 0.8% at 183.46 as of 2:45pm ET. Notable decliners included XAU components Freeport McMoRan Copper & Gold (FCX), Kinross Gold (KGC), and Pan American Silver (PAAS) – which fell 0.4%, 2.8%, and 2.9%, respectively.
On the positive side, Randgold Resources (GOLD) rallied 3.1% and Newmont Mining (NEM) advanced 1.9%.
A considerable amount of strength in precious metals was insufficient to keep the majority of gold and silver equities in positive territory. Gold futures jumped $27.20, or 1.7%, to $1,649.50 per ounce, while silver added $0.49, or 1.6%, to $30.57 per ounce.
While gold and silver stocks dipped into negative territory, the broader equity markets faced substantially more selling pressure. The Dow Jones Industrial Average (DJIA) slid 206.38 points, or 1.9%, to 10,707.00 this afternoon, fueled by ongoing sovereign debt concerns across Europe.
Fortuna Silver to Begin Trading on NYSE
- Established in 2004, Fortuna is a growth-oriented, silver and base metal producer focused on mining opportunities in Latin America.
- The Company's primary assets are the Caylloma silver mine in southern Peru and the San Jose silver-gold mine in Mexico.
- Shares of FVI.TSX have climbed 26.6% in 2011, bringing the company's market capitalization to C$746.3 million.
