ECB Comments Send Gold Soaring
by Christopher Freeburn | October 4, 2012 5:15 pm
[1]Comments 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[2]. 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[3].
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[4]) rose 0.7%.
- The iShares Gold Trust (NYSE:IAU[5]) increased 0.8%.
- The iShares Silver Trust (NYSE:SLV[6]) gained 1.3%.
Gold and silver mining ETFs posted solid gains during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) climbed 2.9%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) jumped 3.2%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) gained 3.5%.
Gold mining shares moved sharply higher Thursday, with Kinross Gold (NYSE:KGC[10]) rising the most.
- Agnico-Eagle Mines (NYSE:AEM[11]) increased 2.5%
- Barrick Gold (NYSE:ABX[12]) rose 2.6%.
- Eldorado Gold moved up 1.9%.
- Goldcorp (NYSE:GG[13]) climbed 2.4%.
- Kinross Gold jumped 6.2%.
- Newmont Mining (NYSE:NEM[14]) rose 1.4%.
- NovaGold Resources (AMEX:NG[15]) edged up 0.4%.
- Yamana Gold (NYSE:AUY[16]) advanced 4.9%
Silver mining shares sprinted in Thursday trading.
- Coeur d’Alene Mines (NYSE:CDE[17]) gained 4.1%.
- Hecla Mining (NYSE:HL[18]) increased 3.9%.
- Pan American Silver (NASDAQ:PAAS[19]) climbed 2.6%.
- Silver Wheaton (NYSE:SLW[20]) leaped 5.1%.
- Silver Standard Resources (NASDAQ:SSRI[21]) rose 4.9%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[3] contributed to this report.
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- CME Group: http://www.cmegroup.com/
- BullionVault: http://www.bullionvault.com/
- GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
- IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
- SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
- 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
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- 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
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