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Gold, Silver Spike as Federal Stimulus Optimism Bubbles

Silver Standard, NovaGold and other miners go along for the ride


Gold Silver GLD IAU SLVGold and silver rallied Friday amid speculation that Fed Chairman Ben Bernanke’s Jackson Hole, Wyo., speech meant the Federal Reserve will do more to aid the U.S. economy.

Gold traded 1.9% higher Friday, with a final bid of $1,684.60 per ounce, according to CME Group data. Gold prices reached a high of $1,684.90 and a low of $1,646.20. Gold bullion jumped 2.1% to finish Friday at $1,695 per ounce in London, according to BullionVault.

Gold vs. Silver: Which Is the All-Time Champ?
Gold vs. Silver: Which Is the All-Time Champ?

Silver futures spiked 3.2% Friday, with a final bid of $31.37 per ounce. Friday’s high for silver reached $31.50, and the low was $30.26.

Gold and silver funds brought in significant gains Friday.

  • The SPDR Gold Trust (NYSE:GLD) climbed 2.3%.
  • The iShares Gold Trust (NYSE:IAU) also rose 2.3%.
  • The iShares Silver Trust (NYSE:SLV) surged 4.6%.

Gold and silver mining ETFs soared Friday.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) jumped 4.2%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) spiked 5.5%.
  • The Global X Silver Miners ETF (NYSE:SIL) soared 5.3%.

Most gold mining shares reported hefty gains.

  • Agnico-Eagle Mines (NYSE:AEM) jumped 5%.
  • Barrick Gold (NYSE:ABX) showed 3.9% gains.
  • Eldorado Gold (NYSE:EGO) finished 3.9% higher.
  • Goldcorp (NYSE:GG) rose 4.1%.
  • Kinross Gold (NYSE:KGC) climbed 4.6%
  • Newmont Mining (NYSE:NEM) finished 4.4% higher.
  • NovaGold Resources (AMEX:NG) soared 6.7%
  • Yamana Gold (NYSE:AUY) jumped 5%.

Silver mining shares surged Friday.

  • Coeur d’Alene Mines (NYSE:CDE) rose 4.7%.
  • Hecla Mining (NYSE:HL) climbed 4.8%.
  • Pan American Silver (NASDAQ:PAAS) spiked 5.5%.
  • Silver Wheaton (NYSE:SLW) was 5.2% higher.
  • Silver Standard Resources (NASDAQ:SSRI) soared 7.9%.

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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