EU Cyprus Ultimatum Sends Gold Higher

Gold and silver gained, while miners surged

   

PreciousMetalsRecap EU Cyprus Ultimatum Sends Gold HigherGold gained in Thursday trading after the European Union warned Cyprus that if it didn’t raise billions of euros needed for a bailout, aid to its banks could be cut and the country might be expelled from the eurozone. Earlier this week, the country’s legislature rejected a plan that would have seized a portion of private bank deposits to fund the bailout.

Gold futures for April delivery climbed 0.4% to $1,613.80 ounce on Thursday, according to CME Group. Gold traded as high as $1,616.50 and as low as $1,603.60. Gold bullion closed in London at $1,615, according to BullionVault.

11103054 gold bullion 200x200 EU Cyprus Ultimatum Sends Gold Higher
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Silver futures for April delivery rose 1.4% to $29.19 per ounce. Thursday’s high for silver was $29.26, while the low was $28.79.

Gold and silver funds improved in Thursday trading.

  • The SPDR Gold Trust (NYSE:GLD) rose 0.6%.
  • The iShares Gold Trust (NYSE:IAU) increased 0.5%.
  • The iShares Silver Trust (NYSE:SLV) advanced 1.3%.

Gold and silver mining ETFs also moved up during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) surged 2.6%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) improved 1.7%.
  • The Global X Silver Miners ETF (NYSE:SIL) gained 1.5%.

Gold mining shares posted gains on Thursday.

  • Agnico-Eagle Mines (NYSE:AEM) climbed 1.5%.
  • Barrick Gold (NYSE:ABX) rose 2.8%.
  • Eldorado Gold (NYSE:EGO) added 2.2%.
  • Goldcorp (NYSE:GG) also gained 2.2%.
  • Kinross Gold (NYSE:KGC) rose 2.5%.
  • Newmont Mining (NYSE:NEM) increased 2.7%.
  • NovaGold Resources (AMEX:NG) surged 3.9%.
  • Yamana Gold (NYSE:AUY) improved 2.9%.

Silver mining shares also moved higher.

  • Coeur d’Alene Mines (NYSE:CDE) gained 1.2%.
  • Hecla Mining (NYSE:HL) rose 2.7%.
  • Pan American Silver (NASDAQ:PAAS) soared 4.3%.
  • Silver Wheaton (NYSE:SLW) advanced 2.6%.
  • Silver Standard Resources (NASDAQ:SSRI) surged 4.7%.

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/2013/03/eu-cyprus-ultimatum-sends-gold-higher/.

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