Gold, Silver Both Surge Tuesday

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

Gold Silver GLD IAU SLV[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.

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  2. CME Group data:
  3. BullionVault:
  4. the latest technical analysis note:
  5. GLD:
  6. IAU:
  7. SLV:
  8. :GDXJ:
  9. GDX:
  10. SIL:
  11. EGO:
  12. AEM:
  13. ABX:
  14. GG:
  15. KGC:
  16. NEM:
  17. NG:
  18. AUY:
  19. SSRI:
  20. CDE:
  21. HL:
  22. PAAS:
  23. SLW:
  24. BullionVault:

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