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Gold, Silver Receive Lift From the Ditch

Gold Silver GLD IAU SLVGold futures traded 0.6% higher Thursday with a final bid of $1,580.10 per ounce, according to CME Group data. Gold reached a high of $1,591.50 and a low of $1,572.10. Gold bullion ended at $1,584 per ounce for Thursday’s trading session in London, according to BullionVault.

“(Gold) Trading has been quite quiet and dull,” one London market-maker said in a statement this morning. “Gold is caught into the summer doldrums, and I think the Olympic Games will take their toll on the trading flows.”

Silver futures were up about 0.5% with a final bid of $27.20 per ounce. Thursday’s high for silver prices reached $27.49, and the low was $27.12.

Gold trusts rose slightly Thursday, while the iShares Silver Trust (NYSE:SLV) stayed still.

  • The SPDR Gold Trust (NYSE:GLD) was up about 0.2%.
  • The iShares Gold Trust (NYSE:IAU) was about 0.1% higher.
  • The iShares Silver Trust was flat.

Gold and silver mining ETFs showed decent gains across the board Thursday.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) was up about 1.1%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) climbed about 1.5%.
  • The Global X Silver Miners ETF (NYSE:SIL) was about 1.3% higher.

Several gold miners showed varying gains Thursday, with Goldcorp (NYSE:GG) among the best performers. NovaGold Resources (AMEX:NG) and Yamana Gold (NYSE:AUY) went their own way, trading lower Thursday.

  • Agnico-Eagle Mines (NYSE:AEM) rose about 1.6%.
  • Barrick Gold (NYSE:ABX) was 1.3% higher.
  • Eldorado Gold (NYSE:EGO) showed gains of around 1.1%.
  • Goldcorp jumped about 2.3%.
  • Kinross Gold (NYSE:KGC) was about 1.9% higher.
  • Newmont Mining (NYSE:NEM) rose about 1.1%.
  • NovaGold Resources was 0.3% lower.
  • Yamana Gold was down about 1.3%.

Silver mining shares were broadly higher Thursday.

  • Coeur d’Alene Mines (NYSE:CDE) was up about 2.2%.
  • Hecla Mining (NYSE:HL) rose about 1.2%.
  • Pan American Silver (NASDAQ:PAAS) was around 0.6% higher.
  • Silver Wheaton (NYSE:SLW) climbed about 1.4%.
  • Silver Standard Resources (NASDAQ:SSRI) was up about 1.6%.

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-receive-lift-from-the-ditch/.

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