Gold, Silver Futures Barely Move, But Bullion Booms

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Gold Silver GLD IAU SLVGold futures about traded 0.2% higher Friday with a final bid of $1,618.10 per ounce, according to CME Group data. Gold prices reached a high of $1,628.60 and a low of $1,614.60. Gold bullion hit a five-week high trading at $1,625 per ounce for Friday’s trading session in London, according to BullionVault.

“We believe the risk (for gold) now lies with a move to $1,640, the June high,” according to the latest technical analysis note from bullion bank Scotia Mocatta.

Silver futures were flat for the second day in a row, with a final bid of $27.47 per ounce. Friday’s high for silver prices reached $27.76, and the low was $27.43.

Gold and silver trusts ticked upward Friday.

  • The SPDR Gold Trust (NYSE:GLD) was up 0.5%.
  • The iShares Gold Trust (NYSE:IAU) was 0.6% higher.
  • The iShares Silver Trust (NYSE:SLV) climbed 0.9%.

Gold and silver mining ETFs also showed slight gains Friday.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) climbed 0.7%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) was up 0.8%.
  • The Global X Silver Miners ETF (NYSE:SIL) was 1.6% higher.

Most gold mining shares brought in gains Friday, with Eldorado Gold (NYSE:EGO) leading the way despite disappointing earnings and a cut in its dividend.

  • Agnico-Eagle Mines (NYSE:AEM) was up 2.5%.
  • Barrick Gold (NYSE:ABX) was 1.2% lower.
  • Eldorado Gold jumped 6.1%.
  • Goldcorp (NYSE:GG) finished 0.4% higher.
  • Kinross Gold (NYSE:KGC) was 0.5% higher.
  • Newmont Mining (NYSE:NEM) dipped 3.4% as its quarterly revenues missed Street expectations.
  • NovaGold Resources (AMEX:NG) was 0.5% lower.
  • Yamana Gold (NYSE:AUY) was up 0.1%.

Most silver mining shares showed gains Friday.

  • Coeur d’Alene Mines (NYSE:CDE) was up 2%.
  • Hecla Mining (NYSE:HL) was 2.2% higher.
  • Pan American Silver (NASDAQ:PAAS) was 1.8% higher.
  • Silver Wheaton (NYSE:SLW) ticked up 0.9%.
  • Silver Standard Resources (NASDAQ:SSRI) lost 0.5%.

As of this writing, Angela Nazworth did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.


Article printed from InvestorPlace Media, https://investorplace.com/2012/07/gold-silver-futures-barely-move-but-bullion-booms/.

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