Gold Rally Continues for Sixth Session
by Christopher Freeburn | February 12, 2014 4:43 pm
[1]Gold 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[2]. 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[3].
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[4]) inched up 0.1%.
- The iShares Gold Trust (IAU[5]) also rose 0.1%.
- The iShares Silver Trust (SLV[6]) slipped 0.1%.
Mining ETFs sank during the day.
- The Market Vectors Gold Miners ETF (GDX[7]) fell 3.4%.
- The Market Vectors Junior Gold Miners ETF (GDXJ[8]) dropped 4.4%.
- The Global X Silver Miners ETF (SIL[9]) slid 2.6%.
Gold stocks declined on Wednesday.
- Agnico-Eagle Mines (AEM[10]) fell 3.5%.
- Barrick Gold (ABX[11]) slipped 3.1%.
- Eldorado Gold (EGO[12]) fell back 3.4%.
- Goldcorp (GG[13]) sank 2.7%.
- Kinross Gold (KGC[14]) tumbled 4.1%.
- Newmont Mining (NEM[15]) moved down 1.7%.
- NovaGold Resources (NG[16]) decreased 3.7%.
- Yamana Gold (AUY[17]) slid 3%.
Silver mining shares pulled back during the day.
- Coeur d’Alene Mines (CDE[18]) tumbled 5%.
- Hecla Mining (HL[19]) sank 2.7%.
- Pan American Silver (PAAS[20]) fell 3.3%.
- Silver Wheaton (SLW[21]) slid 2.3%.
- Silver Standard Resources (SSRI[22]) faded 2%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[23] contributed to this report.
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- CME Group: http://www.cmegroup.com
- BullionVault: http://www.bullionvault.com
- GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
- IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
- SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
- GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
- GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
- SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
- HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
- PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
- SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
- SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
- BullionVault: http://www.bullionvault.com/
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