Wednesday Is a Mixed Bag for Gold, Silver

by Angela Nazworth | August 8, 2012 5:02 pm

PreciousMetalsRecap Wednesday Is a Mixed Bag for Gold, Silver[1]Gold futures about traded 0.2% higher Wednesday, with a final bid of $1,613.10 per ounce, according to CME Group data[2]. Gold prices reached a high of $1,616.60 and a low of $1,603.10. Gold bullion finished at $1,615 per ounce for Wednesday’s trading session in London, according to BullionVault[3].

“There is a lack of momentum in the market,” a dealer in Hong Kong told Bullion Vault[4]. “Prices are unlikely to break above $1,620 but falling below $1,570 is also difficult. Many traders are more interested in watching the Olympics than trading.”

Silver futures were flat Wednesday, with a final bid of $28.08 per ounce. Wednesday’s high for silver reached $28.21, and the low was $27.66.

Gold and silver trusts had varying results Wednesday.

Gold and silver mining ETFs also showed mixed results.

Some gold mining shares fared better than others Wednesday. For example,  NovaGold Resources (AMEX:NG[11]) showed healthy gains, while Eldorado Gold (NYSE:EGO[12]) dropped more than 2%.

Silver mining shares were all over the place, with Silver Wheaton (NYSE:SLW[19]) racking up big gains amid news that it raised its one- and five-year guidance[20].

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.

  1. [Image]:
  2. CME Group data:
  3. BullionVault:
  4. dealer in Hong Kong told Bullion Vault:
  5. GLD:
  6. IAU:
  7. SLV:
  8. GDX:
  9. :GDXJ:
  10. SIL:
  11. NG:
  12. EGO:
  13. AEM:
  14. ABX:
  15. GG:
  16. KGC:
  17. NEM:
  18. AUY:
  19. SLW:
  20. one- and five-year guidance:
  21. CDE:
  22. HL:
  23. PAAS:
  24. SSRI:
  25. BullionVault:

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