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

by Angela Nazworth | August 20, 2012 4:40 pm

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

PreciousMetalsRecap Gold, Silver Take Baby Steps; Some Miners Take Big Strides[1]Gold futures were were up 0.2% Monday, with a final bid of $1,620.30 per ounce, according to CME Group data[2]. 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[3].

Gold bullion transferred between major bullion banks fell 6.4% in July compared to a month earlier, according to the London Bullion Market Association[4]. Year-on-year, the fall was 9%, although the number of individual transfers rose by nearly a third.

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[5]) leading the way.

Gold and silver mining ETFs climbed as well.

Most gold mining shares headed north Monday, with NovaGold Resources (AMEX:NG[11]) bucking the trend by suffering steep losses.

Silver mining shares had a good day, with Silver Standard Resources (NASDAQ:SSRI[19]) 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[25] 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. BullionVault: http://www.bullionvault.com/
  4. according to the London Bullion Market Association: http://goldnews.bullionvault.com/gold-bullion-082020121
  5. SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
  6. GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
  7. IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
  8. GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
  9. :GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=:GDXJ
  10. SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
  11. NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
  12. AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
  13. ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
  14. EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
  15. GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
  16. KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
  17. NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
  18. AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
  19. SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
  20. CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
  21. HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
  22. PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
  23. SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
  24. “The Smart Silver Play: Silver Wheaton”: http://investorplace.com/2012/08/the-smart-silver-play-silver-wheaton/
  25. BullionVault: http://www.bullionvault.com

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