Gold Jumps on German Bank Head Comments

Gold Silver GLD IAU SLVRemarks from the head of Germany’s Bundesbank warning that the eurozone’s financial crisis wasn’t over sent gold up sharply in Tuesday trading. Jens Weidmann — the bank’s president — also noted that the German central bank was increasing its reserves to guard against potential fallout from risky policies from the European Central Bank.

Gold futures for April delivery rose 0.9% to $1,591.70 per ounce on Tuesday, according to CME Group. Gold traded as high as $1,597.60 and as low as $1,578.80. Gold bullion closed in London at $1,596, according to BullionVault.

Silver futures for April delivery gained 1.1% to $29.15 per ounce. Tuesday’s high for silver was $29.29, while the low was $28.90.

Gold and silver funds moved higher in Tuesday trading.

  • The SPDR Gold Trust (NYSE:GLD) gained 0.8%.
  • The iShares Gold Trust (NYSE:IAU) also increased 0.7%.
  • The iShares Silver Trust (NYSE:SLV) rose 0.6%.

Gold and silver mining ETFs advanced during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) rose 2.5%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) surged 3.7%.
  • The Global X Silver Miners ETF (NYSE:SIL) climbed 2.1%.

Gold mining shares jumped on Tuesday.

  • Agnico-Eagle Mines (NYSE:AEM) improved 3.4%.
  • Barrick Gold (NYSE:ABX) rose 1%.
  • Eldorado Gold (NYSE:EGO) gained 3.4%.
  • Goldcorp (NYSE:GG) advanced 2.2%.
  • Kinross Gold (NYSE:KGC) rose 2.8%.
  • Newmont Mining (NYSE:NEM) moved up 2%.
  • NovaGold Resources (AMEX:NG) surged 4.4%.
  • Yamana Gold (NYSE:AUY) added 3.2%.

Silver mining shares also moved higher.

  • Coeur d’Alene Mines (NYSE:CDE) rose 0.8%.
  • Hecla Mining (NYSE:HL) gained 2.1%.
  • Pan American Silver (NASDAQ:PAAS) soared 4.3%.
  • Silver Wheaton (NYSE:SLW) climbed 3.6%.
  • Silver Standard Resources (NASDAQ:SSRI) advanced 3.7%.

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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