Gold Continues Momentum, Hits New 6-Month High

by Christopher Freeburn | September 14, 2012 5:02 pm

[1]Gold extended yesterday’s gains, posting a modest increase on Friday and hitting a new six month high.

Gold futures for December delivery closed up at $1,772.70 on Friday, according to CME Group[2]. Gold traded as high as $1,780.20 and as low as $1,767.70. Gold bullion closed in London at $1,774, according to BullionVault[3].

Silver futures closed at $34.656 per ounce. Friday’s high for silver was $34.985, while the low was $34.32.

Gold and silver funds posted small gains on Friday.

• The SPDR Gold Trust (NYSE:GLD[4]) rose 0.3%.
• The iShares Gold Trust (NYSE:IAU[5]) also was up 0.3%.
• The iShares Silver Trust (NYSE:SLV[6]) edged up 0.02%.

Gold and silver mining ETFs also rose.

• The Market Vectors Gold Miners ETF (NYSE:GDX[7]) gained 2.5%.
• The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) increased 2.5%.
• The Global X Silver Miners ETF (NYSE:SIL[9]) soared 2.6%.

Gold mining shares posted gains for the day, with NovaGold Resources (AMEX:NG[10]) again leading the way.

• Agnico-Eagle Mines (NYSE:AEM[11]) increased 2.4%
• Barrick Gold (NYSE:ABX[12]) rose 1.8%.
• Eldorado Gold (NYSE:EGO[13]) climbed 4.2%.
• Goldcorp (NYSE:GG[14]) moved up 1.7%.
• Kinross Gold (NYSE:KGC[15]) gained 3.7%.
• Newmont Mining (NYSE:NEM[16]) increased 3.1%.
• NovaGold Resources jumped 6.3%.
• Yamana Gold (NYSE:AUY[17]) closed up 1.7%

Silver mining shares also continued their rise.

• Coeur d’Alene Mines (NYSE:CDE[18]) gained 6.4%.
• Hecla Mining (NYSE:HL[19]) moved up 1.8%.
• Pan American Silver (NASDAQ:PAAS[20]) improved 4.8%.
• Silver Wheaton (NYSE:SLW[21]) increased 2.6%.
• Silver Standard Resources (NASDAQ:SSRI[22]) edged up 1%.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[23] contributed to this report.

Source URL: https://investorplace.com/2012/09/gold-continues-momentum-hits-new-6-month-high/

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