CUR - Gold miners on the move in safe-haven trade amid SVB collapse

2023-03-13 07:57:53 ET

Gold miners are gaining in pre-market trading Monday, as investors turn to assets with safe-haven appeal while assessing the implications of the Silicon Valley Bank failure and a federal backstop .

Among precious metals miners indicated higher: Newmont ( NEM ) +2.8% , Barrick Gold ( GOLD ) +3.2% , Agnico Eagle Mines ( AEM ) +1.9% , Kinross Gold ( KGC ) +4.5% , Iamgold ( IAG ) +1.8% , Eldorado Gold ( EGO ) +3% , Alamos Gold ( AGI ) +1.9% , Yamana Gold ( AUY ) +2.8% , New Gold ( NGD ) +2.2% , Sandstorm Gold ( SAND ) +2.1%, Equinox Gold ( EQX ) +2.5% , Endeavour Silver ( EXK ) +2.4% , First Majestic Silver ( AG ) +3.4% , Wheaton Precious Metals ( WPM ) +2.2% , Coeur Mining ( CDE ) +2.8% .

April Comex gold +1.4 % at $1,893.40/oz, and May silver +2.7% at $21.06/oz.

ETFs: ( NYSEARCA: GLD ), ( NYSEARCA: GDX ), ( GDXJ ), ( IAU ), ( NUGT ), ( PHYS ), ( SLV ), ( PSLV ), ( SIVR ), ( NYSEARCA: SIL ), ( SILJ ), ( SLVP )

Gold futures had been falling last week prior to the banking sector concerns, after Federal Reserve Chair Jerome Powell said "inflationary pressures are running higher than expected " and left the door open to further interest rate increases .

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