Gold, Silver Both Surge Tuesday

by Angela Nazworth | August 21, 2012 5:03 pm

PreciousMetalsRecap Gold, Silver Both Surge Tuesday[1]Gold futures were up 1.2% Tuesday, with a final bid of $1,640.10 per ounce, according to CME Group data[2]. 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[3].

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.

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

According to the latest technical analysis note[4] from bullion bank Scotia Mocatta, “This changes [silver's] posture to bullish.”

Gold and silver funds also moved up Tuesday.

Gold and silver mining ETFs jumped as well, with the Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) leading the way.

And most gold mining shares headed north Tuesday, with Eldorado Gold (NYSE:EGO[11]) leading the way.

Silver mining shares had a good day, with Silver Standard Resources (NASDAQ:SSRI[19]) reporting the biggest gains for the second day straight.

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.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
  2. CME Group data: http://www.cmegroup.com/trading/metals/precious/gold_quotes_settlements_futures.html
  3. BullionVault: http://www.bullionvault.com/
  4. the latest technical analysis note: http://goldnews.bullionvault.com/buy-silver-082120121
  5. GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
  6. IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
  7. SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
  8. :GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=:GDXJ
  9. GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
  10. SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
  11. EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
  12. AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
  13. ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
  14. GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
  15. KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
  16. NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
  17. NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
  18. AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
  19. SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
  20. CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
  21. HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
  22. PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
  23. SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
  24. BullionVault: http://www.bullionvault.com

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