Gold, Silver Inch Up Wednesday
by Angela Nazworth | August 15, 2012 4:30 pm
[1]Gold futures traded 0.2% higher Wednesday, with a final bid of $1,604 per ounce, according to CME Group data[2]. 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[3].
“The market is disappointed that [gold] was not able to revisit the July high of $1,633,” according to the the latest technical analysis[4] note from bullion bank Scotia Mocatta.
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[5]) was up 0.3%.
- The iShares Gold Trust (NYSE:IAU[6]) was 0.2% higher.
- The iShares Silver Trust (NYSE:SLV[7]) showed marginal gains.
Gold and silver mining ETFs also experienced gains.
- The Market Vectors Gold Miners ETF (NYSE:GDX[8]) ticked up 0.5%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[9]) finished 0.4% higher.
- The Global X Silver Miners ETF (NYSE:SIL[10]) rose 0.4%.
Most gold mining shares moved mostly north Wednesday, with NovaGold Resources (AMEX:NG[11]) leading the way.
- Agnico-Eagle Mines (NYSE:AEM[12]) was down 1.3%.
- Barrick Gold (NYSE:ABX[13]) finished 1.6% higher.
- Eldorado Gold (NYSE:EGO[14]) edged up 1.3%.
- Goldcorp (NYSE:GG[15]) dipped 0.2%.
- Kinross Gold (NYSE:KGC[16]) was 1.4% higher.
- Newmont Mining (NYSE:NEM[17]) finished 0.6% higher.
- NovaGold Resources jumped 4.7%.
- Yamana Gold (NYSE:AUY[18]) finished up 0.2%.
Most silver mining shares also brought in gains. Pan American Silver (NASDAQ:PAAS[19]) bucked the trend.
- Coeur d’Alene Mines (NYSE:CDE[20]) rose 1.3%.
- Hecla Mining (NYSE:HL[21]) climbed 0.7%.
- Pan American Silver was 0.2% lower.
- Silver Wheaton (NYSE:SLW[22]) finished 1% higher.
- Silver Standard Resources (NASDAQ:SSRI[23]) climbed 1.3%.
As of this writing, Angela Nazworth did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[24] contributed to this report.
Endnotes:
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- CME Group data: http://www.cmegroup.com/trading/metals/precious/gold_quotes_settlements_futures.html
- BullionVault: http://www.bullionvault.com/
- according to the the latest technical analysis: http://goldnews.bullionvault.com/gold-price-081520121
- GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
- IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
- SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
- GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
- :GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=:GDXJ
- SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
- CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
- HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
- SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
- SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
- BullionVault: http://www.bullionvault.com
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