Shares of most gold and silver companies finished higher on Friday, as they bounced back from yesterday’s steep sell-off. The Philadelphia Gold & Silver Index (XAU) closed up by 0.8% at 165.67.
Notable advancers in the sector included XAU components Gold Fields (GFI), Newmont Mining (NEM), and Silver Wheaton (SLW). Shares of GFI climbed by 1.7% to $11.73, NEM by 1.3% to $46.14 , and SLW by 2.0% to $36.12.
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The sector’s gains came despite mixed action in precious metals, which did not rebound from Thursday’s weakness. COMEX gold futures settled up by only $0.90 at $1,714.70 per ounce while COMEX silver dropped by $0.30, or 0.9%, to $32.37 per ounce.
Gold and silver were unable to gain any traction as the U.S. dollar continued to rally against a basket of foreign currencies. The U.S. Dollar Index (DXY) rose by as much as 0.5% to 81.455, its highest level in over two months.
Premier Gold Mines’ Royalty Expands High Quality Portfolio
Premier Gold Mines noted that the warrants are exercisable for up to 24 months from the closing date of the Royalty acquisition. Golden Arrow has the right, contingent upon 30 days' prior written notice, to require Premier Royalty to purchase for cancellation all outstanding warrants for a price of C$1.25 per warrant prior to their expiry. Full Premier Gold Mines Press Release.
- The Gualcamayo mine, located in the northern San Juan province of Argentina, is an open pit, heap leach gold mining operation with three substantial zones of gold mineralization
- It hosts total proven & probable mineral reserves of 2.2 million ounces and total measured & indicated mineral resources of 1.1 million ounces as of December 31, 2011
- Gualcamayo has consistently improved its production versus guidance since 2011
- According to Yamana Gold, the decision was made in 2010 to develop the underground QDD Lower West deposit, located below the main open pit, which is expected to lift annual production to more than 200,000 ounces per year beginning in 2014
