Gold, Silver Gain for Second Day

by Andrew Burger | May 18, 2012 12:29 pm

Gold and silver were adding to yesterday’s gains to close out the week’s trading Friday morning as Facebook’s IPO[1], 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[2]. 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[3]. “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[4]) was up nearly 1.4%.
• The iShares Gold Trust (NYSE:IAU[5]) was up around 1.4%.
• The iShares Silver Trust (NYSE:SLV[6]) was around 2.6% higher.

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

• The Market Vectors Gold Miners ETF (NYSE:GDX[7]) was showing gains of around 3.2%.
• The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) was up some 3.75%.
• The Global X Silver Miners ETF (NYSE:SIL[9]) was around 2.5% higher.

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

• Agnico-Eagle Mines (NYSE:AEM[10]) was up around 4%.
  
• Barrick Gold (NYSE:ABX[11]) was some 2.5% higher.
  
• Eldorado Gold (NYSE:EGO[12]) was up around 4.55%.
  
• Goldcorp (NYSE:GG[13]) was up some 3.85%.
  
• Kinross Gold Corp. USA (NYSE:KGC[14]) was up around 2.45%.
  
• Newmont Mining (NYSE:NEM[15]) was showing gains of around 4.9%.
  
• NovaGold Resources (NYSEAMEX:NG[16]) was up more than 3%.
  
• Yamana Gold (USA) (NYSE:AUY[17]) 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[18]) was down less than 0.1%.
  
• Hecla Mining (NYSE:HL[19]) was more than 3% higher.
  
• Pan American Silver (NASDAQ:PAAS[20]) was showing gains of around 0.6%.
  
• Silver Wheaton (NYSE:SLW[21]) was up around 3.6%.
  
• Silver Standard Resources (NASDAQ:SSRI[22]) 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.

Source URL: https://investorplace.com/2012/05/gold-silver-gain-for-second-day/

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