Gold, Silver Bring Home Healthy Gains

by Angela Nazworth | August 23, 2012 4:50 pm

Gold Silver GLD IAU SLV[1]Gold and silver prices soared Thursday amid yesterday’s release of Federal Reserve meeting minutes[2] that hinted at additional stimulus action.

“The Fed’s tone is totally different in the minutes from previous comments,” Jinrui Futures analyst Chen Min told BullionVault[3]. “That helped gold break into a higher price range ahead of the peak consumption season.”

Gold futures jumped 2% Thursday, with a final bid of $1,669.90 per ounce, according to CME Group data[4]. Gold prices reached a high of $1,674.30 and a low of $1,651.80. Gold bullion traded 1.1% higher at $1,673 per ounce for Thursday’s session in London[5].

Silver futures soared 3% Thursday, with a final bid of $30.46 per ounce. Thursday’s high for silver reached $30.79, and the low was $30.07. Silver futures have risen to highs last seen back on May 2[6].

Gold and silver funds moved up Thursday.

Silver mining ETFs rose as well, though the Market Vectors Gold Miners ETF (NYSE:GDX[10]) slipped.

Gold mining shares were mixed Thursday.

Silver mining shares were mixed Thursday, with Silver Standard Resources (NASDAQ:SSRI[21]) surging.

As of this writing, Angela Nazworth did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[26] contributed to this report.

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  2. Federal Reserve meeting minutes:
  3. told BullionVault:
  4. CME Group data:
  5. session in London:
  6. back on May 2:
  7. GLD:
  8. IAU:
  9. SLV:
  10. GDX:
  11. GDXJ):
  12. SIL:
  13. AEM:
  14. ABX:
  15. EGO:
  16. GG:
  17. KGC:
  18. NEM:
  19. NG:
  20. AUY:
  21. SSRI:
  22. CDE:
  23. HL:
  24. PAAS:
  25. SLW:
  26. BullionVault:

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