Gold, Silver Spike as Federal Stimulus Optimism Bubbles

by Angela Nazworth | August 31, 2012 5:00 pm

Gold, Silver Spike as Federal Stimulus Optimism Bubbles

PreciousMetalsRecap Gold, Silver Spike as Federal Stimulus Optimism Bubbles[1]Gold 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[2]. 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[3].

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.

Gold and silver mining ETFs soared Friday.

Most gold mining shares reported hefty gains.

Silver mining shares surged Friday.

As of this writing, Angela Nazworth did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[23] contributed to this report.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
  2. CME Group data: http://www.cmegroup.com/trading/metals/precious/gold_quotes_settlements_futures.html
  3. according to BullionVault: http://www.bullionvault.com/
  4. GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
  5. IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
  6. SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
  7. GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
  8. GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
  9. SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
  10. AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
  11. ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
  12. EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
  13. GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
  14. KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
  15. NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
  16. NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
  17. AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
  18. CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
  19. HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
  20. PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
  21. SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
  22. SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
  23. BullionVault: http://www.bullionvault.com

Source URL: http://investorplace.com/2012/08/gold-silver-spike-amid-bubbling-fed-optimism/
Short URL: http://invstplc.com/1nzybdF