Gold, Silver Bring Home Healthy Gains

by Angela Nazworth | August 23, 2012 4:50 pm

[1]Gold and silver prices soared Thursday amid yesterday’s release of Federal Reserve meeting minutes[2] 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[3]. “That helped gold break into a higher price range ahead of the peak consumption season.”

Gold futures jumped 2% Thursday, with a final bid of $1,669.90 per ounce, according to CME Group data[4]. 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[5].

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[6].

Gold and silver funds moved up Thursday.

• The SPDR Gold Trust (NYSE:GLD[7]) was up 0.9%.
• The iShares Gold Trust (NYSE:IAU[8]) was 0.9% higher.
• The iShares Silver Trust (NYSE:SLV[9]) jumped 2.3%.

Silver mining ETFs rose as well, though the Market Vectors Gold Miners ETF (NYSE:GDX[10]) slipped.

• The Market Vectors Gold Miners ETF fell 0.2%.
• The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ)[11] climbed 0.7%.
• The Global X Silver Miners ETF (NYSE:SIL[12]) finished 0.8% higher.

Gold mining shares were mixed Thursday.

• Agnico-Eagle Mines (NYSE:AEM[13]) was up 0.1%.
• Barrick Gold (NYSE:ABX[14]) finished 1.1% higher.
• Eldorado Gold (NYSE:EGO[15]) fell 0.8%.
• Goldcorp (NYSE:GG[16]) dipped 0.6%.
• Kinross Gold (NYSE:KGC[17]) was 0.8% higher.
• Newmont Mining (NYSE:NEM[18]) finished down 0.5%.
• NovaGold Resources (AMEX:NG[19]) was up 0.6%.
• Yamana Gold (NYSE:AUY[20]) climbed 0.6%.

Silver mining shares were mixed Thursday, with Silver Standard Resources (NASDAQ:SSRI[21]) surging.

• Coeur d’Alene Mines (NYSE:CDE[22]) dipped 0.6%.
• Hecla Mining (NYSE:HL[23]) climbed 2.5%.
• Pan American Silver (NASDAQ:PAAS[24]) fell 0.4%.
• Silver Wheaton (NYSE:SLW[25]) 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[26] contributed to this report.

Source URL: https://investorplace.com/2012/08/gold-silver-bring-home-healthy-gains-gld-iau-slv-ssri/

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