Deal to Avert Fiscal Cliff Sends Gold Higher
by Christopher Freeburn | January 2, 2013 4:37 pm
[1]Gold advanced in Wednesday’s trading on the heels of a budget agreement approved by the U.S. House of Representatives that preserved Bush-era tax cuts on the middle class and averted the worst effects of the fiscal cliff.
Gold futures for February delivery rose 0.8% to $1,688.80 on Wednesday, according to CME Group[2]. Gold traded as high as $1,695.40 and as low as $1,670.90. Gold bullion closed in London at $1,668, according to BullionVault[3].
Silver futures for February delivery increased 2.5% % to $30.98 per ounce. Wednesday’s high for silver was $31.45, while the low was $30.22.
Gold and silver funds advanced in Wednesday trading.
- The SPDR Gold Trust (NYSE:GLD[4]) climbed 0.7%.
- The iShares Gold Trust (NYSE:IAU[5]) also rose 0.7%.
- The iShares Silver Trust (NYSE:SLV[6]) gained 1.9%.
Gold and silver mining ETFs also rose during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) added 1.6%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) surged 3.6%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) soared 3.5%.
Gold mining shares moved higher, with NovaGold Resources (AMEX:NG[10]) rising highest.
- Agnico-Eagle Mines (NYSE:AEM[11]) increased 1.7%.
- Barrick Gold (NYSE:ABX[12]) rose 1.5%.
- Eldorado Gold (NYSE:EGO[13]) soared 3%.
- Goldcorp (NYSE:GG[14]) climbed 2.3%.
- Kinross Gold (NYSE:KGC[15]) gained 1.5%.
- Newmont Mining (NYSE:NEM[16]) advanced 1%.
- NovaGold Resources rocketed up 7.3%.
- Yamana Gold (NYSE:AUY[17]) moved up 0.7%.
Silver mining shares also gained on Wednesday.
- Coeur d’Alene Mines (NYSE:CDE[18]) rose 2.3%.
- Hecla Mining (NYSE:HL[19]) surged 4.9%.
- Pan American Silver (NASDAQ:PAAS[20]) gained 2.6%.
- Silver Wheaton (NYSE:SLW[21]) also increased 2.6%
- Silver Standard Resources (NASDAQ:SSRI[22]) advanced 3.4%.
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.
Industrial[24], Precious Metals[25]
- [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
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- 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
- 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/
- Industrial: https://investorplace.com/industries/industrial/
- Precious Metals: https://investorplace.com/industries/industrial/precious-metals/
Source URL: https://investorplace.com/2013/01/deal-to-avert-fiscal-cliff-sends-gold-higher/