Gold Moves Higher on Stimulus Confidence

Gold Silver GLD IAU SLVGold advanced Thursday on rising investor confidence that the election of President Obama will mean a continuation of current federal efforts to stimulate the U.S. economy.

Gold futures for December delivery rose to $1,726 on Thursday, according to CME Group. Gold traded as high as $1,730.50 and as low as $1,712.60. Gold bullion closed in London at $1,735, according to BullionVault.

2 to Buy, 2 to Sell in Precious Metals
2 to Buy, 2 to Sell in Precious Metals

Silver futures for December delivery also gained, closing up at $32.24 per ounce. Thursday’s high for silver was $32.29, while the low was $31.63.

Gold and silver funds advanced in Thursday trading.

  • The SPDR Gold Trust (NYSE:GLD) rose 0.9%.
  • The iShares Gold Trust (NYSE:IAU) increased 1%.
  • The iShares Silver Trust (NYSE:SLV) gained 1.8%.

Gold and silver mining ETFs were mixed during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) moved up 0.7%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) improved 0.9%.
  • The Global X Silver Miners ETF (NYSE:SIL) dipped 0.2%.

Gold mining shares were mostly higher on Thursday, with Kinross Gold (NYSE:KGC) jumping ahead of the pack.

  • Agnico-Eagle Mines (NYSE:AEM) gained 1.1%.
  • Barrick Gold (NYSE:ABX) rose 0.7%.
  • Eldorado Gold (NYSE:EGO) increased 2.4%.
  • Goldcorp (NYSE:GG) advanced 0.5%.
  • Kinross Gold surged 8%.
  • Newmont Mining (NYSE:NEM) moved up 0.1%.
  • NovaGold Resources (NYSE:NG) dipped 0.2%.
  • Yamana Gold (NYSE:AUY) climbed 1.3%.

Silver mining shares were mixed on Thursday.

  • Coeur d’Alene Mines (NYSE:CDE) dropped 2%.
  • Hecla Mining (NYSE:HL) gained 2.5%.
  • Pan American Silver (NASDAQ:PAAS) plunged 5%.
  • Silver Wheaton (NYSE:SLW) climbed 1.2%.
  • Silver Standard Resources (NASDAQ:SSRI) increased 1.6%.

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, https://investorplace.com/2012/11/gold-moves-higher-on-stimulus-confidence/.

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