Gold, Silver Receive Lift From the Ditch

by Angela Nazworth | July 19, 2012 4:48 pm

[1]Gold futures traded 0.6% higher Thursday with a final bid of $1,580.10 per ounce, according to CME Group data[2]. Gold reached a high of $1,591.50 and a low of $1,572.10. Gold bullion ended at $1,584 per ounce for Thursday’s trading session in London, according to BullionVault[3].

“(Gold) Trading has been quite quiet and dull,” one London market-maker said in a statement[4] this morning. “Gold is caught into the summer doldrums, and I think the Olympic Games will take their toll on the trading flows.”

Silver futures were up about 0.5% with a final bid of $27.20 per ounce. Thursday’s high for silver prices reached $27.49, and the low was $27.12.

Gold trusts rose slightly Thursday, while the iShares Silver Trust (NYSE:SLV[5]) stayed still.

• The SPDR Gold Trust (NYSE:GLD[6]) was up about 0.2%.
• The iShares Gold Trust (NYSE:IAU[7]) was about 0.1% higher.
• The iShares Silver Trust was flat.

Gold and silver mining ETFs showed decent gains across the board Thursday.

• The Market Vectors Gold Miners ETF (NYSE:GDX[8]) was up about 1.1%.
• The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[9]) climbed about 1.5%.
• The Global X Silver Miners ETF (NYSE:SIL[10]) was about 1.3% higher.

Several gold miners showed varying gains Thursday, with Goldcorp (NYSE:GG[11]) among the best performers. NovaGold Resources (AMEX:NG[12]) and Yamana Gold (NYSE:AUY[13]) went their own way, trading lower Thursday.

• Agnico-Eagle Mines (NYSE:AEM[14]) rose about 1.6%.
• Barrick Gold (NYSE:ABX[15]) was 1.3% higher.
• Eldorado Gold (NYSE:EGO[16]) showed gains of around 1.1%.
• Goldcorp jumped about 2.3%.
• Kinross Gold (NYSE:KGC[17]) was about 1.9% higher.
• Newmont Mining (NYSE:NEM[18]) rose about 1.1%.
• NovaGold Resources was 0.3% lower.
• Yamana Gold was down about 1.3%.

Silver mining shares were broadly higher Thursday.

• Coeur d’Alene Mines (NYSE:CDE[19]) was up about 2.2%.
• Hecla Mining (NYSE:HL[20]) rose about 1.2%.
• Pan American Silver (NASDAQ:PAAS[21]) was around 0.6% higher.
• Silver Wheaton (NYSE:SLW[22]) climbed about 1.4%.
• Silver Standard Resources (NASDAQ:SSRI[23]) was up about 1.6%.

As of this writing, Angela Nazworth did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[24] contributed to this report.

Source URL: https://investorplace.com/2012/07/gold-silver-receive-lift-from-the-ditch/

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