Gold Surges to Open Year After Posting Steep 2013 Drop

Silver gained and miners mostly soared

   

PreciousMetalsRecap Gold Surges to Open Year After Posting Steep 2013 DropGold climbed sharply Thursday, the first trading session after the metal closed out 2013 with a loss of 28%, its biggest annual decline in 32 years. The metal rebounded on reports of Asian buyers looking for bargains on physical gold ahead of the upcoming Chinese holidays.

Gold futures for February delivery rose 1.9% to $1,225.20 per ounce on Thursday, according to CME Group. Gold traded as high as $1,230.80 and as low as $1,202.50. Bullion closed in London at $1,226, according to BullionVault.

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Gold Mining Stocks – IAG Stock, ABX Stock and More Move Higher

Silver futures for March delivery jumped 3.9%, to $20.13 per ounce. Thursday’s high for silver was $20.44, while the low was $19.43.

Metal funds gained on Thursday.

  • The SPDR Gold Shares (GLD) added 1.7%.
  • The iShares Gold Trust (IAU) rose 1.7%.
  • The iShares Silver Trust (SLV) increased 2.7%.

Mining ETFs soared during the day.

  • The Market Vectors Gold Miners ETF (GDX) surged 3.9%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) vaulted 5.2%.
  • The Global X Silver Miners ETF (SIL) advanced 3.4%.

Gold stocks climbed on Monday.

  • Agnico-Eagle Mines (AEM) increased 4.6%.
  • Barrick Gold (ABX) rose 3.9%.
  • Eldorado Gold (EGO) added 4.8%.
  • Goldcorp (GG) gained 4.4%.
  • Kinross Gold (KGC) moved up 2.3%.
  • Newmont Mining (NEM) improved 4%.
  • NovaGold Resources (NG) soared 9.5%.
  • Yamana Gold (AUY) surged 4.2%.

Silver mining shares jumped during the day.

  • Coeur d’Alene Mines (CDE) added 4.3%.
  • Hecla Mining (HL) rose 2.3%.
  • Pan American Silver (PAAS) increased 2.2%.
  • Silver Wheaton (SLW) climbed 5.2%.
  • Silver Standard Resources (SSRI) surged 7.2%.

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/2014/01/gold-surges-posting-steep-annual-drop/.

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