Gold, Silver Bring Home Healthy Gains

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

Gold, Silver Bring Home Healthy Gains

PreciousMetalsRecap Gold, Silver Bring Home Healthy Gains[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.

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

Gold mining shares were mixed Thursday.

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

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.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
  2. Federal Reserve meeting minutes: http://www.federalreserve.gov/monetarypolicy/files/fomcminutes20120801.pdf
  3. told BullionVault: http://goldnews.bullionvault.com/gold-investment-082320121
  4. CME Group data: http://www.cmegroup.com/trading/metals/precious/gold_quotes_settlements_futures.html
  5. session in London: http://www.bullionvault.com/
  6. back on May 2: http://www.cmegroup.com/education/market-commentary/metals/2012/08/mid-session-silver_2359.html
  7. GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
  8. IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
  9. SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
  10. GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
  11. GDXJ): http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
  12. SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
  13. AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
  14. ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
  15. EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
  16. GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
  17. KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
  18. NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
  19. NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
  20. AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
  21. SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
  22. CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
  23. HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
  24. PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
  25. SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
  26. BullionVault: http://www.bullionvault.com

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