Gold, Silver Gain for Second Day

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

   

Gold, Silver Gain for Second Day

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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