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Gold, Silver Get a Boost in Monday Trading

Gold makes gains despite cut in BAC forecast


Gold Silver GLD IAU SLVTalk of extending the Bush tax cuts, gains in the U.S. grain market and higher energy prices helped gold and silver prices along Monday.

Gold futures finished 0.6% higher at the end of Monday’s trading with a final bid of $1,590.20 per ounce, according to CME Group data. Gold reached a high of $1,593 and a low of $1,576. Results were up despite news that Bank of America (NYSE:BAC) cut its gold forecast for 2012.

Silver futures finished the day about 0.2% higher with a final bid of $27.42. Monday’s high for silver prices reached $27.42, and the low was $26.90.

Gold bullion ended at $1,590 per ounce for Monday’s trading session in London, according to BullionVault.

“The market is trying to decide whether to continue the down move below $1500 or recover back above $1640 towards $1750,” according to technical analysis from bullion bank Scotia Mocatta.

Gold and silver trusts experienced slight gains Monday.

  • The SPDR Gold Trust (NYSE:GLD) ticked up about 0.2%.
  • The iShares Gold Trust (NYSE:IAU) was about 0.3% higher.
  • The iShares Silver Trust (NYSE:SLV) was up about 0.8%.

Movement in gold and silver mining ETFs was down slightly.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) fell around 0.4%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) was about 0.4% lower.
  • The Global X Silver Miners ETF (NYSE:SIL) tripped about 0.4%.

Gold mining shares showed losses almost across the board Monday.

  • Agnico-Eagle Mines (NYSE:AEM) dropped about 0.3%.
  • Barrick Gold (NYSE:ABX) was down about 0.6%.
  • Eldorado Gold (NYSE:EGO) showed losses of around 0.8%.
  • Goldcorp (NYSE:GG) was up about 0.4%.
  • Kinross Gold (NYSE:KGC) edged up just 0.1%.
  • Newmont Mining (NYSE:NEM) showed losses of 0.4%.
  • NovaGold Resources (AMEX:NG) was flat.
  • Yamana Gold (NYSE:AUY) was about 1% lower.

Most silver mining shares slid heavily Thursday.

  • Coeur d’Alene Mines (NYSE:CDE) slid about 1.7%.
  • Hecla Mining (NYSE:HL) dropped about 1.9%.
  • Pan American Silver (NASDAQ:PAAS) showed sharp losses of around 4.8%.
  • Silver Wheaton (NYSE:SLW) dipped around 1.2%.
  • Silver Standard Resources (NASDAQ:SSRI) was down about 0.7%.

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,

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