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Gold Rises as U.S. Markets Reopen

Mining stocks surged Wednesday on an up day for metal futures


Gold Silver GLD IAU SLVGold futures rose on Wednesday after U.S. markets reopened in the wake Hurricane Sandy, and investor optimism was buoyed by comments from Germany’s finance minister signaling progress in Greek debt negotiations.

Gold futures for December delivery climbed to $1,719.10 on Wednesday, according to CME Group. Gold traded as high as $1,726.60 and as low as $1,709.80. Gold bullion closed in London at $1,723, according to BullionVault.

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Silver futures for December delivery also rose, closing down at $32.32 per ounce. Wednesday’s high for silver was $32.44, while the low was $31.76.

Gold and silver funds moved higher in Wednesday trading.

  • The SPDR Gold Trust (NYSE:GLD) gained 0.5%.
  • The iShares Gold Trust (NYSE:IAU) also rose 0.5%.
  • The iShares Silver Trust (NYSE:SLV) advanced 0.6%.

Gold and silver mining ETFs climbed during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) surged 3.2%
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) increased 3%.
  • The Global X Silver Miners ETF (NYSE:SIL) moved up 2.8%.

Gold mining shares mostly posted gains on Wednesday, with Yamana Gold (NYSE:AUY) rising the most.

  • Agnico-Eagle Mines (NYSE:AEM) rose 1.6%.
  • Barrick Gold (NYSE:ABX) increased 3.4%.
  • Eldorado Gold (NYSE:EGO) soared 6.1%.
  • Goldcorp (NYSE:GG) climbed 3.4%.
  • Kinross Gold (NYSE:KGC) gained 3.7%
  • Newmont Mining (NYSE:NEM) advanced 2.3%.
  • NovaGold Resources (AMEX:NG) slipped 0.6%.
  • Yamana Gold jumped 8.1%.

Silver mining shares mostly increased Wednesday.

  • Coeur d’Alene Mines (NYSE:CDE) moved up 2.2%.
  • Hecla Mining (NYSE:HL) rose 1.7%.
  • Pan American Silver (NASDAQ:PAAS) advanced 3.3%.
  • Silver Wheaton (NYSE:SLW) gained 2.7%.
  • Silver Standard Resources (NASDAQ:SSRI) jumped 3.8%.

As of this writing, Christopher Freeburn 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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