ECB Comments Send Gold Soaring

Mining stocks perform strongly across the board Thursday

   

PreciousMetalsRecap ECB Comments Send Gold SoaringComments from the head of the European Central Bank, indicating that it would continue buy bonds and keep interest rates low, sent gold soaring to an 11-month high on Thursday and moving it closer to $1,800 per ounce.

Gold futures for December delivery jumped to $1,796.50 on Thursday, according to CME Group. Gold traded as high as $1,797.70 and as low as $1,779.90. Gold bullion closed in London at $1,792, according to BullionVault.

11103054 gold bullion 200x200 ECB Comments Send Gold Soaring
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Silver futures for December delivery also edged higher, closing up at $35.10 per ounce. Thursday’s high for silver was $35.17, while the low was $34.65.

Gold and silver funds moved up in Thursday trading.

  • The SPDR Gold Trust (NYSE:GLD) rose 0.7%.
  • The iShares Gold Trust (NYSE:IAU) increased 0.8%.
  • The iShares Silver Trust (NYSE:SLV) gained 1.3%.

Gold and silver mining ETFs posted solid gains during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) climbed 2.9%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) jumped 3.2%.
  • The Global X Silver Miners ETF (NYSE:SIL) gained 3.5%.

Gold mining shares moved sharply higher Thursday, with Kinross Gold (NYSE:KGC) rising the most.

  • Agnico-Eagle Mines (NYSE:AEM) increased 2.5%
  • Barrick Gold (NYSE:ABX) rose 2.6%.
  • Eldorado Gold moved up 1.9%.
  • Goldcorp (NYSE:GG) climbed 2.4%.
  • Kinross Gold jumped 6.2%.
  • Newmont Mining (NYSE:NEM) rose 1.4%.
  • NovaGold Resources (AMEX:NG) edged up 0.4%.
  • Yamana Gold (NYSE:AUY) advanced 4.9%

Silver mining shares sprinted in Thursday trading.

  • Coeur d’Alene Mines (NYSE:CDE) gained 4.1%.
  • Hecla Mining (NYSE:HL) increased 3.9%.
  • Pan American Silver (NASDAQ:PAAS) climbed 2.6%.
  • Silver Wheaton (NYSE:SLW) leaped 5.1%.
  • Silver Standard Resources (NASDAQ:SSRI) rose 4.9%.

As of this writing, Christopher Freeburn 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/2012/10/ecb-comments-send-gold-soaring/.

©2014 InvestorPlace Media, LLC

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