Gold, Silver Both Surge Tuesday

Miners also get a boost, with Eldorado Gold seeing the most gains

   

Gold, Silver Both Surge Tuesday

PreciousMetalsRecap Gold, Silver Both Surge TuesdayGold futures were up 1.2% Tuesday, with a final bid of $1,640.10 per ounce, according to CME Group data. Gold prices reached a high of $1,640.40 and a low of $1,618.40. Gold bullion traded at 1% higher at $1,640 per ounce for Tuesday’s session in London, according to BullionVault.

Silver futures climbed 2.9% Tuesday, with a final bid of $29.43 per ounce. Tuesday’s high for silver reached $29.46, and the low was $28.61.

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Wholesale market prices to buy silver hit a two-month high Tuesday morning in London.

According to the latest technical analysis note from bullion bank Scotia Mocatta, “This changes [silver's] posture to bullish.”

Gold and silver funds also moved up Tuesday.

  • The SPDR Gold Trust (NYSE:GLD) was up 1%.
  • The iShares Gold Trust (NYSE:IAU) was 1% higher.
  • The iShares Silver Trust (NYSE:SLV) jumped 1.5%.

Gold and silver mining ETFs jumped as well, with the Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) leading the way.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) rose 1.7%.
  • The Market Vectors Junior Gold Miners ETF jumped 3.2%
  • The Global X Silver Miners ETF (NYSE:SIL) finished 2.8% higher.

And most gold mining shares headed north Tuesday, with Eldorado Gold (NYSE:EGO) leading the way.

  • Agnico-Eagle Mines (NYSE:AEM) was down 0.3%.
  • Barrick Gold (NYSE:ABX) finished 1.3% higher.
  • Eldorado Gold soared 5.3%.
  • Goldcorp (NYSE:GG) rose 2.1%.
  • Kinross Gold (NYSE:KGC) was 1.2% higher.
  • Newmont Mining (NYSE:NEM) ticked up 0.7%.
  • NovaGold Resources (AMEX:NG) finished up 1.1%.
  • Yamana Gold (NYSE:AUY) climbed 3.1%.

Silver mining shares had a good day, with Silver Standard Resources (NASDAQ:SSRI) reporting the biggest gains for the second day straight.

  • Coeur d’Alene Mines (NYSE:CDE) rose 1.7%.
  • Hecla Mining (NYSE:HL) jumped 3%.
  • Pan American Silver (NASDAQ:PAAS) rose 1.1%.
  • Silver Wheaton (NYSE:SLW) finished 3.1% higher.
  • Silver Standard Resources jumped 4%.

As of this writing, Angela Nazworth 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/2012/08/gold-silver-both-surge-tuesday/.

©2014 InvestorPlace Media, LLC

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