Gold, Silver Crawl North Thursday; Miners See Robust Gains

NovaGold, Coeur d'Alene and Silver Standard finish strong

   

Gold, Silver Crawl North Thursday; Miners See Robust Gains

PreciousMetalsRecap Gold, Silver Crawl North Thursday; Miners See Robust GainsGold futures about traded 0.3% higher Thursday, with a final bid of $1,617.40 per ounce, according to CME Group data. Gold prices reached a high of $1,618 and a low of $1,609.80. Gold bullion finished at $1,6117 per ounce for Thursday’s trading session in London, according to BullionVault.

“Gold seems to have gotten a foothold above the $1,600 level and seems to be relatively stable,” Societe Generale’s Robin Bhar told BullionVault.

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Silver futures were flat Thursday for a second day in a row, with a final bid of $28.09 per ounce. Thursday’s high for silver reached $28.19, and the low was $27.99. “Like gold, silver is showing no trend momentum,” technical analysts at bullion bank Scotia Mocatta said.

Gold and silver trusts edged higher Thursday.

  • The SPDR Gold Trust (NYSE:GLD) was up 0.4%.
  • The iShares Gold Trust (NYSE:IAU) was 0.4% higher.
  • The iShares Silver Trust (NYSE:SLV) gained 0.3%.

Gold and silver mining ETFs also showed higher results.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) climbed 1.4%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) finished 2.5% higher.
  • The Global X Silver Miners ETF (NYSE:SIL) rose 1.6%.

Some gold mining shares brought in healthy gains Thursday, with NovaGold Resources (AMEX:NG) leading the way. Despite reporting less-than-stellar second-quarter earnings after the bell yesterday, shares of both Kinross Gold (NYSE:KGC) and Yamana Gold (NYSE:AUY) finished strong today.

  • Agnico-Eagle Mines (NYSE:AEM) was up 0.3%.
  • Barrick Gold (NYSE:ABX) finished 1.1% higher.
  • Eldorado Gold (NYSE:EGO) climbed 1.9%.
  • Goldcorp (NYSE:GG) rose 1.1%.
  • Kinross Gold was 2.9% higher.
  • Newmont Mining (NYSE:NEM) finished 0.6% higher.
  • NovaGold Resources gained 4.5%.
  • Yamana Gold finished up 2.1%.

Silver mining shares also finished on a high Thursday, with Coeur d’Alene Mines (NYSE:CDE) leading the pack.

  • Coeur d’Alene Mines jumped 3.9%.
  • Hecla Mining (NYSE:HL) climbed 2.2%.
  • Pan American Silver (NASDAQ:PAAS) was 2% higher.
  • Silver Wheaton (NYSE:SLW) rose 2%.
  • Silver Standard Resources (NASDAQ:SSRI) spiked 3%.

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-crawl-north-thursday-miners-see-robust-gains/.

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