Gold, Silver Climb as U.S. Dollar Sinks

Mining stocks followed the metals, rising across the board


Gold Silver GLD IAU SLVA weakening U.S. dollar sent gold modestly higher in Wednesday trading. The metal gained during a session marked by relatively soft trading volume and drew additional support from rising investor expectations that the U.S. Federal Reserve will delay any tapering of its monthly bond-buying until next year.

Gold futures for December delivery rose 0.7% to $1,317.80 per ounce on Wednesday, according to CME Group. Gold traded as high as $1,322 and as low as $1,308.90. Bullion closed in London at $1,320, according to BullionVault.

Gold Stocks Are Shining Again
Gold Stocks Are Shining Again

Silver futures for December added 0.6% to $21.77 per ounce. Wednesday’s high for silver was $22.08, while the low was $21.62.

Metal funds moved higher in Wednesday trading.

  • The SPDR Gold Shares (GLD) increased 0.5%.
  • The iShares Gold Trust (IAU) rose 0.5%.
  • The iShares Silver Trust (SLV) added 0.5%.

Mining ETFs advanced during the day.

  • The Market Vectors Gold Miners ETF (GDX) gained 1.2%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) climbed 1.6%.
  • The Global X Silver Miners ETF (SIL) edged up 0.1%.

Gold stocks improved on Wednesday.

  • Agnico-Eagle Mines (AEM) rose 0.3%.
  • Barrick Gold (ABX) moved up 0.3%.
  • Eldorado Gold (EGO) surged 3.1%.
  • Goldcorp (GG) added 1.6%.
  • Kinross Gold (KGC) increased 2.5%.
  • Newmont Mining (NEM) climbed 2.1%.
  • NovaGold Resources (NG) inched up 0.5%.
  • Yamana Gold (AUY) gained 1.5%.

Silver mining shares climbed during the day.

  • Coeur d’Alene Mines (CDE) added 0.3%.
  • Hecla Mining (HL) rose 2.6%.
  • Pan American Silver (PAAS) increased 1.3%.
  • Silver Wheaton (SLW) moved up 0.7%.
  • Silver Standard Resources (SSRI) surged 4.4%.

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.

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