Gold and Silver’s Upswing Continues Tuesday
by Angela Nazworth | September 4, 2012 4:20 pm
[1]Gold 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[2]. 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[3].
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.
“Precious metals are continuing their upswing,” according to a commodities note from Commerzbank[4]. “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[5]) faring best.
- The SPDR Gold Trust (NYSE:GLD[6]) finished 0.2% higher.
- The iShares Gold Trust (NYSE:IAU[7]) 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[8]) dipped 0.4%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[9]) climbed 1.8%.
- The Global X Silver Miners ETF (NYSE:SIL[10]) also rose 1.8%.
Gold mining shares were mixed.
- Agnico-Eagle Mines (NYSE:AEM[11]) fell 1.1%.
- Barrick Gold (NYSE:ABX[12]) dipped 0.7%.
- Eldorado Gold (NYSE:EGO[13]) finished 2% higher.
- Goldcorp (NYSE:GG[14]) was 1% lower.
- Kinross Gold (NYSE:KGC[15]) slipped 0.3%
- Newmont Mining (NYSE:NEM[16]) finished 1.7% lower.
- NovaGold Resources (AMEX:NG[17]) ticked up 0.4%
- Yamana Gold (NYSE:AUY[18]) headed north 0.2%.
Silver mining shares reeled in healthy gains Tuesday.
- Coeur d’Alene Mines (NYSE:CDE[19]) rose 2.4%.
- Hecla Mining (NYSE:HL[20]) climbed 1.3%.
- Pan American Silver (NASDAQ:PAAS[21]) jumped 3.8%.
- Silver Wheaton (NYSE:SLW[22]) was 1.6% higher.
- Silver Standard Resources (NASDAQ:SSRI[23]) surged 4.5%.
As of this writing, Angela Nazworth did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[24] contributed to this report.
Endnotes:
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- CME Group data: http://www.cmegroup.com/trading/metals/precious/gold_quotes_settlements_futures.html
- according to BullionVault: http://www.bullionvault.com/
- according to a commodities note from Commerzbank: http://goldnews.bullionvault.com/gold-bullion-090420121
- SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
- GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
- IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
- GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
- GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
- SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
- HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
- PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
- SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
- SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
- BullionVault: http://www.bullionvault.com
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