Gold Bulls Take a Breather

The company said it reduced its fixed-price sales position, or hedge book, by 1 million ounces during the quarter, bringing the total reduction of such contracts for the year to more than 9 million ounces. The news will be greeted warmly by the bulls, with Barrick earnings benefiting more from bullion price rallies. Still, shares of Barrick slipped 2%.

Agnico-Eagle Mines(AEM Quote) reported diluted fourth-quarter earnings of 34 cents a share, besting analyst estimates of 32 cents and up from 13 cents a year earlier.

Pan-American Silver(PAAS Quote) reported fully diluted fourth-quarter earnings of 38 cents a share, reversing losses of 44 cents a year earlier. Consensus estimates were for 26 cents. The stock was barely changed.

Turning to base metals, copper prices were lifting again on the Comex, closing up 12 cents at $2.78 a pound.

"We think that the [copper] market is rebalancing in February and will be in deficit from March-June, partly for seasonal reasons," states London-based specialty firm Bloomsbury Minerals Economics in a new report.