Gold, Silver Both Surge Tuesday
by Angela Nazworth | August 21, 2012 5:03 pm
[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.
- The SPDR Gold Trust (NYSE:GLD[5]) was up 1%.
- The iShares Gold Trust (NYSE:IAU[6]) was 1% higher.
- The iShares Silver Trust (NYSE:SLV[7]) jumped 1.5%.
Gold and silver mining ETFs jumped as well, with the Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) leading the way.
- The Market Vectors Gold Miners ETF (NYSE:GDX[9]) rose 1.7%.
- The Market Vectors Junior Gold Miners ETF jumped 3.2%
- The Global X Silver Miners ETF (NYSE:SIL[10]) finished 2.8% higher.
And most gold mining shares headed north Tuesday, with Eldorado Gold (NYSE:EGO[11]) leading the way.
- Agnico-Eagle Mines (NYSE:AEM[12]) was down 0.3%.
- Barrick Gold (NYSE:ABX[13]) finished 1.3% higher.
- Eldorado Gold soared 5.3%.
- Goldcorp (NYSE:GG[14]) rose 2.1%.
- Kinross Gold (NYSE:KGC[15]) was 1.2% higher.
- Newmont Mining (NYSE:NEM[16]) ticked up 0.7%.
- NovaGold Resources (AMEX:NG[17]) finished up 1.1%.
- Yamana Gold (NYSE:AUY[18]) climbed 3.1%.
Silver mining shares had a good day, with Silver Standard Resources (NASDAQ:SSRI[19]) reporting the biggest gains for the second day straight.
- Coeur d’Alene Mines (NYSE:CDE[20]) rose 1.7%.
- Hecla Mining (NYSE:HL[21]) jumped 3%.
- Pan American Silver (NASDAQ:PAAS[22]) rose 1.1%.
- Silver Wheaton (NYSE:SLW[23]) 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[24] contributed to this report.
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- CME Group data: http://www.cmegroup.com/trading/metals/precious/gold_quotes_settlements_futures.html
- BullionVault: http://www.bullionvault.com/
- the latest technical analysis note: http://goldnews.bullionvault.com/buy-silver-082120121
- GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
- IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
- SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
- :GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=:GDXJ
- GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
- SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
- CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
- HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
- PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
- SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
- BullionVault: http://www.bullionvault.com
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