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Gold, Silver Prices Glimmer as Outlook Eases

Mining stocks also enjoying price spikes Thursday


Gold Silver GLD IAU SLVGold and silver were moving higher Thursday morning following “accommodative” comments from Federal Reserve Vice Chairman Janet Yellen and yesterday’s release of the Fed Beige Book.

Spot gold was up 0.81%, bid at $1,674.30 with an ask price of $1,675.30. It traded as high as $1,677 and as low as $1,650.80, according to Kitco market data. The London afternoon reference price was set at $1,668.50, $10.50 per ounce higher than Wednesday’s afternoon reference price.

Spot silver was showing a sharp gain of 2.37%, bid at $32.36, with an ask price of $32.46. The morning high as of time of writing was $32.55 and the low was $31.42. Thursday’s reference price was set at $31.47 in the London a.m., 23 cents an ounce lower than Wednesday’s price fix.

Initial claims for unemployment insurance jumped 13,000 to a seasonally adjusted 380,000 in the week ended April 7, the highest level in two-and-a-half months, the Labor Department reported. School workers applying for jobless benefits during spring break fueled the rise.

U.S. wholesale prices were unchanged month-to-month in March, vs. expectations for a decline, as the rise in oil prices subsided. The wholesale cost of gasoline dropped 2% in March, while wholesale prices for diesel and residential electricity also declined.

Chinese stocks rallied in advance of tomorrow’s GDP report, as market participants are anticipating a weak report will prod government policymakers to take additional monetary easing steps.

Gold bullion prices fell along with the dollar-euro exchange rate, dropping below $1,660 an ounce in London morning trading Thursday, BullionVault reported in its London Gold Market Report.

“Gold is struggling, weighed down by … faltering investor interest,” according to a Thursday research note from South Africa’s Standard Bank. “Physical demand on the other hand has been supportive, with particularly strong buying coming out of the Far East on price dips.”

In exchange trading, gold and silver trusts were moving higher.

  • The SPDR Gold Trust (NYSE:GLD) was up around 0.9%.
  • The iShares Gold Trust (NYSE:IAU) also was up around 0.9%.
  • The iShares Silver Trust (NYSE:SLV) was sharply higher, up some 2.4%.

Gold and silver mining ETFs also were surging upwards in price.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) was showing gains of around 2.75%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) was surging, up around 3.8%.
  • The Global X Silver Miners ETF (NYSE:SIL) also was around 3.8% higher.

Gold mining shares were showing sharp gains, with Eldorado Gold (NYSE:EGO) leading in terms of morning gains.

  • Agnico-Eagle Mines (NYSE:AEM) was showing sharp gains of around 4.5%.
  • Barrick Gold (NYSE:ABX) was up some 2.8%.
  • Eldorado Gold jumped up more than 7.5%.
  • Goldcorp (NYSE:GG) was showing gains of nearly 3.3%.
  • Kinross Gold (NYSE:KGC) was up more than 2%.
  • Newmont Mining (NYSE:NEM) was up more than 2.3%.
  • NovaGold Resources (AMEX:NG) was spiking higher, up nearly 5.7%.
  • Yamana Gold (NYSE:AUY) was up nearly 2.2%.

Silver mining shares were mixed.

  • Coeur d’Alene Mines (NYSE:CDE) was showing gains of more than 3.5%.
  • Hecla Mining (NYSE:HL) was up more than 4.5%.
  • Pan American Silver (NASDAQ:PAAS) was showing gains of more than 2%.
  • Silver Wheaton (NYSE:SLW) was up more than 3.5%.
  • Silver Standard Resources (NASDAQ:SSRI) was more than 3.8% higher.

As of this writing, Andrew Burger did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.

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