Gold, Silver Miners Surge Thursday

Meanwhile, futures make a more modest, but still solid climb

   

Gold, Silver Miners Surge Thursday

PreciousMetalsRecap Gold, Silver Miners Surge ThursdayGold futures traded 0.8% higher Thursday, with a final bid of $1,616.50 per ounce, according to CME Group data. Gold prices reached a high of $1,617.30 and a low of $1,601.50. Gold bullion finished up at $1,618 per ounce for Thursday’s trading session in London, according to BullionVault.

“Gold’s performance reflects the continuing challenging economic climate,” WGC Managing Director of Investment Marcus Grubb said. “A softness in India and China, who between them represent over 45% of the total second quarter jewelry and investment demand, accounts for much of the slowing of global gold demand.”

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Silver futures were 1% higher Thursday, with a final bid of $28.21 per ounce. Thursday’s high for silver reached $28.24, and the low was $27.66.

Gold and silver funds showed gains Thursday. 

  • The SPDR Gold Trust (NYSE:GLD) was up 0.6%.
  • The iShares Gold Trust (NYSE:IAU) was 0.6% higher.
  • The iShares Silver Trust (NYSE:SLV) rose 1.5%.

Gold and silver mining ETFs enjoyed even healthier gains.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) jumped 3.4%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) finished 3.3% higher.
  • The Global X Silver Miners ETF (NYSE:SIL) rose 3.2%.

Gold mining shares soared Thursday, with NovaGold Resources (AMEX:NG) leading the way.

  • Agnico-Eagle Mines (NYSE:AEM) was up 4.4%.
  • Barrick Gold (NYSE:ABX) finished 4% higher.
  • Eldorado Gold (NYSE:EGO) rose 4.6%.
  • Goldcorp (NYSE:GG) climbed 4.8%.
  • Kinross Gold (NYSE:KGC)  was 3% higher.
  • Newmont Mining (NYSE:NEM) finished 2.1% higher.
  • NovaGold Resources jumped 5.8%.
  • Yamana Gold (NYSE:AUY) finished up 3%.

Most silver mining shares also made strong moves north, with Pan American Silver (NASDAQ:PAAS) surging.

  • Coeur d’Alene Mines (NYSE:CDE) rose 5.1%.
  • Hecla Mining (NYSE:HL) climbed 6.3%.
  • Pan American Silver soared 6.7%.
  • Silver Wheaton (NYSE:SLW) finished 2.9% higher.
  • Silver Standard Resources (NASDAQ:SSRI) climbed 2.6%.

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-miners-surge-thursday/.

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