Hedge Fund Buying Pushes Gold Higher

Gold and silver posted solid gains and miners mostly followed

   

Hedge Fund Buying Pushes Gold Higher

PreciousMetalsRecap Hedge Fund Buying Pushes Gold HigherGold rose in Monday trading as hedge funds and other institutional investors cut their short positions in the metal and increased their own gold reserves.

Gold futures for May delivery climbed 1.8% to $1,421 per ounce on Monday, according to CME Group. Gold traded as high as $1,436 and as low as $1,404.70. Gold bullion closed in London at $1,429, according to BullionVault.

gold nuggets stones 630 200x200 Hedge Fund Buying Pushes Gold Higher
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Silver futures for May delivery rose 1.6% to $23.32 per ounce. Monday’s high for silver was $23.65, while the low was $23.07.

Gold and silver funds gained in Monday trading.

  • The SPDR Gold Trust (NYSE:GLD) increased 1.9%.
  • The iShares Gold Trust (NYSE:IAU) also rose 1.8%.
  • The iShares Silver Trust (NYSE:SLV) added 0.9%.

Gold and silver mining ETFs improved during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) moved up 1.4%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) added 0.9%.
  • The Global X Silver Miners ETF (NYSE:SIL) also advanced 0.9%.

Gold mining shares mostly rose on Monday.

  • Agnico-Eagle Mines (NYSE:AEM) gained 1.5%.
  • Barrick Gold (NYSE:ABX) fell 0.9%.
  • Eldorado Gold (NYSE:EGO) surged 5.3%.
  • Goldcorp (NYSE:GG) advanced 2.5%.
  • Kinross Gold (NYSE:KGC) climbed 3%.
  • Newmont Mining (NYSE:NEM) added 1.3%.
  • NovaGold Resources (AMEX:NG) improved 2.7%.
  • Yamana Gold (NYSE:AUY) gained 2.8%.

Silver mining shares moved higher.

  • Coeur d’Alene Mines (NYSE:CDE) increased 0.9%.
  • Hecla Mining (NYSE:HL) grew 1.3%.
  • Pan American Silver (NASDAQ:PAAS) was flat.
  • Silver Wheaton (NYSE:SLW) inched up 0.7%.
  • Silver Standard Resources (NASDAQ:SSRI) rose 0.6%.

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/2013/04/hedge-fund-buying-pushes-gold-higher/.

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