Gold, Silver Crawl North Thursday; Miners See Robust Gains

by Angela Nazworth | August 9, 2012 5:00 pm

[1]Gold futures about traded 0.3% higher Thursday, with a final bid of $1,617.40 per ounce, according to CME Group data[2]. 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[3].

“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[4].

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 Moca[5]tta said[6].

Gold and silver trusts edged higher Thursday.

• The SPDR Gold Trust (NYSE:GLD[7]) was up 0.4%.
• The iShares Gold Trust (NYSE:IAU[8]) was 0.4% higher.
• The iShares Silver Trust (NYSE:SLV[9]) gained 0.3%.

Gold and silver mining ETFs also showed higher results.

• The Market Vectors Gold Miners ETF (NYSE:GDX[10]) climbed 1.4%.
• The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[11]) finished 2.5% higher.
• The Global X Silver Miners ETF (NYSE:SIL[12]) rose 1.6%.

Some gold mining shares brought in healthy gains Thursday, with NovaGold Resources (AMEX:NG[13]) leading the way. Despite reporting less-than-stellar second-quarter earnings after the bell yesterday, shares of both Kinross Gold (NYSE:

KGC[14]) and Yamana Gold (NYSE:AUY[15]) finished strong today.

• Agnico-Eagle Mines (NYSE:AEM[16]) was up 0.3%.
• Barrick Gold (NYSE:ABX[17]) finished 1.1% higher.
• Eldorado Gold (NYSE:EGO[18]) climbed 1.9%.
• Goldcorp (NYSE:GG[19]) rose 1.1%.
• Kinross Gold was 2.9% higher.
• Newmont Mining (NYSE:NEM[20]) 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[21]) leading the pack.

• Coeur d’Alene Mines jumped 3.9%.
• Hecla Mining (NYSE:HL[22]) climbed 2.2%.
• Pan American Silver (NASDAQ:PAAS[23]) was 2% higher.
• Silver Wheaton (NYSE:SLW[24]) rose 2%.
• Silver Standard Resources (NASDAQ:SSRI[25]) spiked 3%.

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

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