Gold, Silver Climb as U.S. Dollar Sinks

Mining stocks followed the metals, rising across the board


PreciousMetalsRecap Gold, Silver Climb as U.S. Dollar Sinks A 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.

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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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