Gold, Silver Gain for Second Day

Precious metals stage a mini-rally to end an otherwise rough week

   

Gold and silver were adding to yesterday’s gains to close out the week’s trading Friday morning as Facebook’s IPO, a Greek exit and contagion worries continued to grip world financial and commodities markets.

Spot gold was up 1.17%, bid at 1,592.70 an ounce as of 11:07 a.m. Prices reached as high as $1,598.80 and as low as $1,584.70, according to Kitco market data. The London afternoon reference price was set at $1,589.50, $13 an ounce below Thursday’s afternoon reference price.

Spot silver was showing a 2.57% gain, bid at $28.77 an ounce. The morning high as of time of writing was $29.05, with the low reaching $28.19. Friday’s reference price was set at $28.48, 29 cents an ounce below Thursday’s price fix.

Gold bullion prices rallied for a second straight morning in London Friday, reaching as high as $1,594 an ounce, BullionVault reported. “The bulls staged a big counterattack,” BullionVault quoted the latest technical analysis note from Scotia Mocatta.

“In terms of the longer-term technical [though], the picture is still bearish so long as we remain below last week’s high at $1,642.”

Gold and silver trusts were showing strong gains for the second morning running.

  • The SPDR Gold Trust (NYSE:GLD) was up nearly 1.4%.
  • The iShares Gold Trust (NYSE:IAU) was up around 1.4%.
  • The iShares Silver Trust (NYSE:SLV) was around 2.6% higher.

Gold- and silver-mining ETFs were up sharply as well.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) was showing gains of around 3.2%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) was up some 3.75%.
  • The Global X Silver Miners ETF (NYSE:SIL) was around 2.5% higher.

Gold-mining shares were showing healthy gains across the board.

  • Agnico-Eagle Mines (NYSE:AEM) was up around 4%.
  • Barrick Gold (NYSE:ABX) was some 2.5% higher.
  • Eldorado Gold (NYSE:EGO) was up around 4.55%.
  • Goldcorp (NYSE:GG) was up some 3.85%.
  • Kinross Gold Corp. USA (NYSE:KGC) was up around 2.45%.
  • Newmont Mining (NYSE:NEM) was showing gains of around 4.9%.
  • NovaGold Resources (NYSEAMEX:NG) was up more than 3%.
  • Yamana Gold (USA) (NYSE:AUY) was up some 2.75%.

Silver-mining shares were up sharply, with the exception of Coeur d’Alene Mines.

  • Coeur d’Alene Mines (NYSE:CDE) was down less than 0.1%.
  • Hecla Mining (NYSE:HL) was more than 3% higher.
  • Pan American Silver (NASDAQ:PAAS) was showing gains of around 0.6%.
  • Silver Wheaton (NYSE:SLW) was up around 3.6%.
  • Silver Standard Resources (NASDAQ:SSRI) was up some 3.25%.

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.


Article printed from InvestorPlace Media, http://investorplace.com/2012/05/gold-silver-gain-for-second-day/.

©2014 InvestorPlace Media, LLC

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