Gold Rises on Global Economic Optimism

Gold and silver futures gain while mining stock surge

   

PreciousMetalsRecap Gold Rises on Global Economic OptimismGold gained about 1% in Monday trading as investors shook off fears of a renewed global downturn. Improving sentiment was buoyed by optimism over Greek debt negotiations and the prospect of a political compromise regarding the U.S. fiscal cliff.

Gold futures for December delivery jumped to $1,732.10 on Monday, according to CME Group. Gold traded as high as $1,735.50 and as low as $1,713.40. Gold bullion closed in London at $1,734, according to BullionVault.

gold coins scoop 630 flickr 200x200 Gold Rises on Global Economic Optimism
By Any Measure, Physical Gold Trumps Mining Stocks

Silver futures for December delivery rose to $33.13 per ounce. Monday’s high for silver was $33.22, while the low was $32.29.

Gold and silver funds moved higher in Monday trading.

  • The SPDR Gold Trust (NYSE:GLD) climbed 1.2%.
  • The iShares Gold Trust (NYSE:IAU) rose 1.2%.
  • The iShares Silver Trust (NYSE:SLV) jumped 2.7%.

Gold and silver mining ETFs advanced during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) rose 2.8%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) soared 3.2%.
  • The Global X Silver Miners ETF (NYSE:SIL) gained 3.2%.

Gold mining shares gained on Monday, with Agnico-Eagle Mines (NYSE:AEM) rising the most.

  • Agnico-Eagle Mines surged 6.3%.
  • Barrick Gold (NYSE:ABX) rose 1.7%.
  • Eldorado Gold (NYSE:EGO) jumped 5.6%.
  • Goldcorp (NYSE:GG) climbed 2.8%.
  • Kinross Gold (NYSE:KGC) moved up 1.2%.
  • Newmont Mining (NYSE:NEM) gained 1.5%.
  • NovaGold Resources (NYSE:NG) edged up 0.5%.
  • Yamana Gold (NYSE:AUY) advanced 1.4%.

Silver mining shares also rose on Monday.

  • Coeur d’Alene Mines (NYSE:CDE) improved 3.7%.
  • Hecla Mining (NYSE:HL) gained 5.1%.
  • Pan American Silver (NASDAQ:PAAS) rose 2.8%.
  • Silver Wheaton (NYSE:SLW) climbed 2.2%.
  • Silver Standard Resources (NASDAQ:SSRI) surged 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, http://investorplace.com/2012/11/gold-rises-on-global-economic-optimism/.

©2014 InvestorPlace Media, LLC

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