Gold Rally Continues for Sixth Session

Silver climbed, but miners retreated across the board

   

PreciousMetalsRecap Gold Rally Continues for Sixth SessionGold posted a modest rise in Wednesday trading, marking the sixth straight positive session for the precious metal. Gold improved a day after Federal Reserve Chair Janet Yellen told Congress that she would continue the loose monetary policy of her predecessor. Gold closed near $1,300 an ounce, a level not seen since early November.

Gold futures for April delivery jumped 0.4% to $1,295 per ounce on Wednesday, according to CME Group. Gold traded as high as $1,296.40 and as low as $1,283.90. Bullion closed in London at $1,291, according to BullionVault.

gold bars1 e1293659631340 Gold Rally Continues for Sixth Session
As Gold Begins to Recover, Pay Mind to the Miners

Silver futures for March delivery climbed 0.9% to $20.34 per ounce. Wednesday’s high for silver was $20.39, while the low was $20.08.

Metal funds were mixed on Wednesday.

  • The SPDR Gold Shares (GLD) inched up 0.1%.
  • The iShares Gold Trust (IAU) also rose 0.1%.
  • The iShares Silver Trust (SLV) slipped 0.1%.

Mining ETFs sank during the day.

  • The Market Vectors Gold Miners ETF (GDX) fell 3.4%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) dropped 4.4%.
  • The Global X Silver Miners ETF (SIL) slid 2.6%.

Gold stocks declined on Wednesday.

  • Agnico-Eagle Mines (AEM) fell 3.5%.
  • Barrick Gold (ABX) slipped 3.1%.
  • Eldorado Gold (EGO) fell back 3.4%.
  • Goldcorp (GG) sank 2.7%.
  • Kinross Gold (KGC) tumbled 4.1%.
  • Newmont Mining (NEM) moved down 1.7%.
  • NovaGold Resources (NG) decreased 3.7%.
  • Yamana Gold (AUY) slid 3%.

Silver mining shares pulled back during the day.

  • Coeur d’Alene Mines (CDE) tumbled 5%.
  • Hecla Mining (HL) sank 2.7%.
  • Pan American Silver (PAAS) fell 3.3%.
  • Silver Wheaton (SLW) slid 2.3%.
  • Silver Standard Resources (SSRI) faded 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/2014/02/gold-rally-continues-sixth-session/.

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