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Gold, Silver Inch Up Wednesday

Most miners see gains, with NovaGold bringing in the biggest win


Gold Silver GLD IAU SLVGold futures traded 0.2% higher Wednesday, with a final bid of $1,604 per ounce, according to CME Group data. Gold prices reached a high of $1,604.40 and a low of $1,590. Gold bullion finished up at $1,608 per ounce for Wednesday’s trading session in London, according to BullionVault.

“The market is disappointed that [gold] was not able to revisit the July high of $1,633,” according to the the latest technical analysis note from bullion bank Scotia Mocatta.

Target’s Target is Due North
Target’s Target is Due North

Silver futures were 0.2% higher Wednesday, with a final bid of $27.81 per ounce. Wednesday’s high for silver reached $27.96, and the low was $27.43.

Gold and silver funds saw slight gains Wednesday. 

  • The SPDR Gold Trust (NYSE:GLD) was up 0.3%.
  • The iShares Gold Trust (NYSE:IAU) was 0.2% higher.
  • The iShares Silver Trust (NYSE:SLV) showed marginal gains.

Gold and silver mining ETFs also experienced gains.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) ticked up 0.5%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) finished 0.4% higher.
  • The Global X Silver Miners ETF (NYSE:SIL) rose 0.4%.

Most gold mining shares moved mostly north Wednesday, with NovaGold Resources (AMEX:NG) leading the way.

  • Agnico-Eagle Mines (NYSE:AEM) was down 1.3%.
  • Barrick Gold (NYSE:ABX) finished 1.6% higher.
  • Eldorado Gold (NYSE:EGO) edged up 1.3%.
  • Goldcorp (NYSE:GG) dipped 0.2%.
  • Kinross Gold (NYSE:KGC)  was 1.4% higher.
  • Newmont Mining (NYSE:NEM) finished 0.6% higher.
  • NovaGold Resources jumped 4.7%.
  • Yamana Gold (NYSE:AUY) finished up 0.2%.

Most silver mining shares also brought in gains. Pan American Silver (NASDAQ:PAAS) bucked the trend.

  • Coeur d’Alene Mines (NYSE:CDE) rose 1.3%.
  • Hecla Mining (NYSE:HL) climbed 0.7%.
  • Pan American Silver was 0.2% lower.
  • Silver Wheaton (NYSE:SLW) finished 1% higher.
  • Silver Standard Resources (NASDAQ:SSRI) climbed 1.3%.

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,

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