Gold, Silver Bring Home Healthy Gains

Fed minutes give precious metals a boost

   

PreciousMetalsRecap Gold, Silver Bring Home Healthy GainsGold and silver prices soared Thursday amid yesterday’s release of Federal Reserve meeting minutes that hinted at additional stimulus action.

“The Fed’s tone is totally different in the minutes from previous comments,” Jinrui Futures analyst Chen Min told BullionVault. “That helped gold break into a higher price range ahead of the peak consumption season.”

16366727 silver bar e1311083907179 Gold, Silver Bring Home Healthy Gains
Silver Fund Is Regaining Its Luster

Gold futures jumped 2% Thursday, with a final bid of $1,669.90 per ounce, according to CME Group data. Gold prices reached a high of $1,674.30 and a low of $1,651.80. Gold bullion traded 1.1% higher at $1,673 per ounce for Thursday’s session in London.

Silver futures soared 3% Thursday, with a final bid of $30.46 per ounce. Thursday’s high for silver reached $30.79, and the low was $30.07. Silver futures have risen to highs last seen back on May 2.

Gold and silver funds moved up Thursday.

  • The SPDR Gold Trust (NYSE:GLD) was up 0.9%.
  • The iShares Gold Trust (NYSE:IAU) was 0.9% higher.
  • The iShares Silver Trust (NYSE:SLV) jumped 2.3%.

Silver mining ETFs rose as well, though the Market Vectors Gold Miners ETF (NYSE:GDX) slipped.

  • The Market Vectors Gold Miners ETF fell 0.2%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) climbed 0.7%.
  • The Global X Silver Miners ETF (NYSE:SIL) finished 0.8% higher.

Gold mining shares were mixed Thursday.

  • Agnico-Eagle Mines (NYSE:AEM) was up 0.1%.
  • Barrick Gold (NYSE:ABX) finished 1.1% higher.
  • Eldorado Gold (NYSE:EGO) fell 0.8%.
  • Goldcorp (NYSE:GG) dipped 0.6%.
  • Kinross Gold (NYSE:KGC) was 0.8% higher.
  • Newmont Mining (NYSE:NEM) finished down 0.5%.
  • NovaGold Resources (AMEX:NG) was up 0.6%.
  • Yamana Gold (NYSE:AUY) climbed 0.6%.

Silver mining shares were mixed Thursday, with Silver Standard Resources (NASDAQ:SSRI) surging.

  • Coeur d’Alene Mines (NYSE:CDE) dipped 0.6%.
  • Hecla Mining (NYSE:HL) climbed 2.5%.
  • Pan American Silver (NASDAQ:PAAS) fell 0.4%.
  • Silver Wheaton (NYSE:SLW) finished 0.7% lower.
  • Silver Standard Resources gapped up 7%.

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-bring-home-healthy-gains-gld-iau-slv-ssri/.

©2014 InvestorPlace Media, LLC

Comments are currently unavailable. Please check back soon.