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Gold Gains on Stalled Fiscal Cliff Talks

Gold and silver futures rose but mining stocks were mixed


Gold Silver GLD IAU SLVGold rose in Thursday trading as negotiations between the White House and congressional Republicans over a budget deal for the approaching U.S. fiscal cliff appeared to go nowhere and the U.S. dollar fell against other currencies.

Gold futures for December delivery rose to $1,725.20 on Thursday, according to CME Group. Gold traded as high as $1,729 and as low as $1,717.70. Gold bullion closed in London at $1,729, according to BullionVault.

The Planets Are Lining Up Nicely for Gold
The Planets Are Lining Up Nicely for Gold

Silver futures for December delivery increased to $34.27 per ounce. Thursday’s high for silver was $34.40, while the low was $33.54.

Gold and silver funds improved in Thursday trading.

  • The SPDR Gold Trust (NYSE:GLD) rose 0.4%.
  • The iShares Gold Trust (NYSE:IAU) also climbed 0.4%.
  • The iShares Silver Trust (NYSE:SLV) jumped 1.6%.

Gold and silver mining ETFs rose during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) gained 0.3%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) increased 0.6%.
  • The Global X Silver Miners ETF (NYSE:SIL) improved 1.1%.

Gold mining shares mostly fell on Thursday, with Yamana Gold (NYSE:AUY) falling the hardest.

  • Agnico-Eagle Mines (NYSE:AEM) moved up 1.1%.
  • Barrick Gold (NYSE:ABX) edged up 0.2%.
  • Eldorado Gold (NYSE:EGO) fell 2.2%.
  • Goldcorp (NYSE:GG) declined 0.9%.
  • Kinross Gold (NYSE:KGC) moved down 0.7%.
  • Newmont Mining (NYSE:NEM) slid 0.6%.
  • NovaGold Resources (NYSE:NG) dipped 1.3%.
  • Yamana Gold tumbled 3%.

Silver mining shares were mixed on Thursday.

  • Coeur d’Alene Mines (NYSE:CDE) fell 0.7%.
  • Hecla Mining (NYSE:HL) declined 0.3%.
  • Pan American Silver (NASDAQ:PAAS) climbed 1.6%.
  • Silver Wheaton (NYSE:SLW) rose 0.7%.
  • Silver Standard Resources (NASDAQ:SSRI) soared 4.5%.

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,

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