Gold, Silver Take Baby Steps; Some Miners Take Big Strides

Silver miners soar with Silver Standard leading the way

   

Gold, Silver Take Baby Steps; Some Miners Take Big Strides

PreciousMetalsRecap Gold, Silver Take Baby Steps; Some Miners Take Big StridesGold futures were were up 0.2% Monday, with a final bid of $1,620.30 per ounce, according to CME Group data. Gold prices reached a high of $1,621.50 and a low of $1,615.30. Gold bullion traded at $1,623 per ounce for Monday’s session in London, according to BullionVault.

Gold bullion transferred between major bullion banks fell 6.4% in July compared to a month earlier, according to the London Bullion Market Association. Year-on-year, the fall was 9%, although the number of individual transfers rose by nearly a third.

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Silver futures also were up 0.2% Monday, with a final bid of $28.59 per ounce. Monday’s high for silver reached $28.74, and the low was $27.86.

Gold and silver funds moved up Monday, with iShares Silver Trust (NYSE:SLV) leading the way.

  • The SPDR Gold Trust (NYSE:GLD) was up 0.3%.
  • The iShares Gold Trust (NYSE:IAU) also was 0.3% higher.
  • The iShares Silver Trust jumped 2.6%.

Gold and silver mining ETFs climbed as well.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) lifted by 0.6%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) finished 0.8% higher.
  • The Global X Silver Miners ETF (NYSE:SIL) rose 1.7%.

Most gold mining shares headed north Monday, with NovaGold Resources (AMEX:NG) bucking the trend by suffering steep losses.

  • Agnico-Eagle Mines (NYSE:AEM) was up 1%.
  • Barrick Gold (NYSE:ABX) finished 1.3% higher.
  • Eldorado Gold (NYSE:EGO) climbed 0.9%.
  • Goldcorp (NYSE:GG) dipped 0.2%.
  • Kinross Gold (NYSE:KGC)  was 1.1% higher.
  • Newmont Mining (NYSE:NEM) rose 1.6%.
  • NovaGold Resources finished down 2.3%.
  • Yamana Gold (NYSE:AUY) ticked up 0.3%.

Silver mining shares had a good day, with Silver Standard Resources (NASDAQ:SSRI) reporting the biggest  gains.

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-take-baby-steps-some-miners-take-big-strides/.

©2014 InvestorPlace Media, LLC

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