Gold Moves Higher on Stimulus Confidence
by Christopher Freeburn | November 8, 2012 4:57 pm
[1]Gold advanced Thursday on rising investor confidence that the election of President Obama will mean a continuation of current federal efforts to stimulate the U.S. economy.
Gold futures for December delivery rose to $1,726 on Thursday, according to CME Group[2]. Gold traded as high as $1,730.50 and as low as $1,712.60. Gold bullion closed in London at $1,735, according to BullionVault[3].
Silver futures for December delivery also gained, closing up at $32.24 per ounce. Thursday’s high for silver was $32.29, while the low was $31.63.
Gold and silver funds advanced in Thursday trading.
- The SPDR Gold Trust (NYSE:GLD[4]) rose 0.9%.
- The iShares Gold Trust (NYSE:IAU[5]) increased 1%.
- The iShares Silver Trust (NYSE:SLV[6]) gained 1.8%.
Gold and silver mining ETFs were mixed during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) moved up 0.7%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) improved 0.9%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) dipped 0.2%.
Gold mining shares were mostly higher on Thursday, with Kinross Gold (NYSE:KGC[10]) jumping ahead of the pack.
- Agnico-Eagle Mines (NYSE:AEM[11]) gained 1.1%.
- Barrick Gold (NYSE:ABX[12]) rose 0.7%.
- Eldorado Gold (NYSE:EGO[13]) increased 2.4%.
- Goldcorp (NYSE:GG[14]) advanced 0.5%.
- Kinross Gold surged 8%.
- Newmont Mining (NYSE:NEM[15]) moved up 0.1%.
- NovaGold Resources (NYSE:NG[16]) dipped 0.2%.
- Yamana Gold (NYSE:AUY[17]) climbed 1.3%.
Silver mining shares were mixed on Thursday.
- Coeur d’Alene Mines (NYSE:CDE[18]) dropped 2%.
- Hecla Mining (NYSE:HL[19]) gained 2.5%.
- Pan American Silver (NASDAQ:PAAS[20]) plunged 5%.
- Silver Wheaton (NYSE:SLW[21]) climbed 1.2%.
- Silver Standard Resources (NASDAQ:SSRI[22]) increased 1.6%.
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.
- [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
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- 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
- BullionVault: http://www.bullionvault.com/
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