Gold Rises on Global Economic Optimism
by Christopher Freeburn | November 19, 2012 4:54 pm
[1]Gold 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[2]. 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[3].
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[4]) climbed 1.2%.
- The iShares Gold Trust (NYSE:IAU[5]) rose 1.2%.
- The iShares Silver Trust (NYSE:SLV[6]) jumped 2.7%.
Gold and silver mining ETFs advanced during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) rose 2.8%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) soared 3.2%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) gained 3.2%.
Gold mining shares gained on Monday, with Agnico-Eagle Mines (NYSE:AEM[10]) rising the most.
- Agnico-Eagle Mines surged 6.3%.
- Barrick Gold (NYSE:ABX[11]) rose 1.7%.
- Eldorado Gold (NYSE:EGO[12]) jumped 5.6%.
- Goldcorp (NYSE:GG[13]) climbed 2.8%.
- Kinross Gold (NYSE:KGC[14]) moved up 1.2%.
- Newmont Mining (NYSE:NEM[15]) gained 1.5%.
- NovaGold Resources (NYSE:NG[16]) edged up 0.5%.
- Yamana Gold (NYSE:AUY[17]) advanced 1.4%.
Silver mining shares also rose on Monday.
- Coeur d’Alene Mines (NYSE:CDE[18]) improved 3.7%.
- Hecla Mining (NYSE:HL[19]) gained 5.1%.
- Pan American Silver (NASDAQ:PAAS[20]) rose 2.8%.
- Silver Wheaton (NYSE:SLW[21]) climbed 2.2%.
- Silver Standard Resources (NASDAQ:SSRI[22]) surged 4.5%.
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
- 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
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- 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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