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Gold Moves Higher on Stimulus Confidence

Gold and silver futures gained, while mining stocks were mixed


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.

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