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

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

Gold Silver GLD IAU SLV[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.

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  2. CME Group data:
  3. BullionVault:
  4. according to the London Bullion Market Association:
  5. SLV:
  6. GLD:
  7. IAU:
  8. GDX:
  9. :GDXJ:
  10. SIL:
  11. NG:
  12. AEM:
  13. ABX:
  14. EGO:
  15. GG:
  16. KGC:
  17. NEM:
  18. AUY:
  19. SSRI:
  20. CDE:
  21. HL:
  22. PAAS:
  23. SLW:
  24. “The Smart Silver Play: Silver Wheaton”:
  25. BullionVault:

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