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.

Source URL: https://investorplace.com/2012/08/gold-silver-miners-surge-thursday/

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