Gold and Silver’s Upswing Continues Tuesday

Gold miners a mixed bag, while silver miners march higher

   

Gold and Silver’s Upswing Continues Tuesday

PreciousMetalsRecap 150x150 Gold and Silvers Upswing Continues TuesdayGold kept the momentum from last week’s advances, trading 0.5% higher Tuesday, with a final bid of $1,693.60 per ounce, according to CME Group data. Gold prices reached a high of $1,699 and a low of $1,685.10. Gold bullion finished Tuesday at $1,698 per ounce in London, according to BullionVault.

Silver futures spiked 3% Tuesday, with a final bid of $32.37 per ounce. Tuesday’s high for silver reached $32.37, and the low was $31.54.

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“Precious metals are continuing their upswing,” according to a commodities note from Commerzbank. “Silver has made even stronger gains than gold … underpinned by speculative financial investors.”

Gold and silver funds brought in gains Tuesday, with the iShares Silver Trust (NYSE:SLV) faring best.

  • The SPDR Gold Trust (NYSE:GLD) finished 0.2% higher.
  • The iShares Gold Trust (NYSE:IAU) also was 0.2% higher.
  • The iShares Silver Trust climbed 1.9%.

Gold and silver mining ETFs were mixed Tuesday.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) dipped 0.4%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) climbed 1.8%.
  • The Global X Silver Miners ETF (NYSE:SIL) also rose 1.8%.

Gold mining shares were mixed.

  • Agnico-Eagle Mines (NYSE:AEM) fell 1.1%.
  • Barrick Gold (NYSE:ABX) dipped 0.7%.
  • Eldorado Gold (NYSE:EGO) finished 2% higher.
  • Goldcorp (NYSE:GG) was 1% lower.
  • Kinross Gold (NYSE:KGC) slipped 0.3%
  • Newmont Mining (NYSE:NEM) finished 1.7% lower.
  • NovaGold Resources (AMEX:NG) ticked up 0.4%
  • Yamana Gold (NYSE:AUY) headed north 0.2%.

Silver mining shares reeled in healthy gains Tuesday.

  • Coeur d’Alene Mines (NYSE:CDE) rose 2.4%.
  • Hecla Mining (NYSE:HL) climbed 1.3%.
  • Pan American Silver (NASDAQ:PAAS) jumped 3.8%.
  • Silver Wheaton (NYSE:SLW) was 1.6% higher.
  • Silver Standard Resources (NASDAQ:SSRI) surged 4.5%.

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/2012/09/gold-and-silver-upswing-continues-tuesday/.

©2014 InvestorPlace Media, LLC

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