Gold, Silver Miners Surge Thursday
by Angela Nazworth | August 16, 2012 4:46 pm
[1]Gold futures traded 0.8% higher Thursday, with a final bid of $1,616.50 per ounce, according to CME Group data[2]. 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[3].
“Gold’s performance reflects the continuing challenging economic climate,” WGC Managing Director of Investment Marcus Grubb said[4]. “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.”
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[5]) was up 0.6%.
- The iShares Gold Trust (NYSE:IAU[6]) was 0.6% higher.
- The iShares Silver Trust (NYSE:SLV[7]) rose 1.5%.
Gold and silver mining ETFs enjoyed even healthier gains.
- The Market Vectors Gold Miners ETF (NYSE:GDX[8]) jumped 3.4%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[9]) finished 3.3% higher.
- The Global X Silver Miners ETF (NYSE:SIL[10]) rose 3.2%.
Gold mining shares soared Thursday, with NovaGold Resources (AMEX:NG[11]) leading the way.
- Agnico-Eagle Mines (NYSE:AEM[12]) was up 4.4%.
- Barrick Gold (NYSE:ABX[13]) finished 4% higher.
- Eldorado Gold (NYSE:EGO[14]) rose 4.6%.
- Goldcorp (NYSE:GG[15]) climbed 4.8%.
- Kinross Gold (NYSE:KGC[16]) was 3% higher.
- Newmont Mining (NYSE:NEM[17]) finished 2.1% higher.
- NovaGold Resources jumped 5.8%.
- Yamana Gold (NYSE:AUY[18]) finished up 3%.
Most silver mining shares also made strong moves north, with Pan American Silver (NASDAQ:PAAS[19]) surging.
- Coeur d’Alene Mines (NYSE:CDE[20]) rose 5.1%.
- Hecla Mining (NYSE:HL[21]) climbed 6.3%.
- Pan American Silver soared 6.7%.
- Silver Wheaton (NYSE:SLW[22]) finished 2.9% higher.
- Silver Standard Resources (NASDAQ:SSRI[23]) climbed 2.6%.
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.
Industrial[25], Precious Metals[26]
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/
- WGC Managing Director of Investment Marcus Grubb said: http://goldnews.bullionvault.com/buying-gold-081620121
- 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
- Industrial: https://investorplace.com/industries/industrial/
- Precious Metals: https://investorplace.com/industries/industrial/precious-metals/
Source URL: https://investorplace.com/2012/08/gold-silver-miners-surge-thursday/