Gold Makes New 2012 High, Miners Soar
By Eric McWhinnie | October 5, 2012 5:48 AM EST
On Thursday, gold (NYSEARCA:GLD) futures for December delivery increased $16.70 to settle at $1,796.50 per ounce, while silver (NYSEARCA:SLV) jumped 41 cents to close at $35.10. Gold hit an intra-day high of $1,797.70, its highest level all year.
Both precious metals climbed higher as the European Central Bank left its key benchmark interest rate at a record low of 0.75 percent for a third consecutive month. Central bank president Mario Draghi also said the region’s Outright Monetary Transactions plan was ready for use, but countries would still have to apply for aid and accept the imposed conditions.
In afternoon trading, the SPDR Gold Trust (NYSEARCA:GLD) increased 0.80 percent, while the iShares Silver Trust (NYSEARCA:SLV) gained 1.15 percent. Gold miners (NYSEARCA:GDX) such as Sandstorm Gold (NYSE:SAND) and Eldorado Gold (NYSE:EGO) jumped 6 percent and 1.5 percent, respectively. Meanwhile, silver miners such as Hecla Mining (NYSE:HL) and Coeur d’Alene Mines (NYSE:CDE) both gained more than 3 percent.
Shares of Silver Wheaton (NYSE:SLW) popped more than 5 percent to reach a new 52-week high. The company received positive remarks by TheStreet, which reiterated its rating as a Buy, citing revenue growth and a solid financial position with reasonable debt.
Investor Insight: Gold & Silver: Protection Against the Fed’s Punch Bowl
If you would like to receive professional analysis on miners and other precious metal investments, we invite you to try our premium service free for 14 days.
Disclosure: Long EXK, AG, HL, PHYS
Most Popular Slideshows
- Kate Middleton First Official Solo Trip: Details For Malta Tour Revealed [PHOTOS]
- 2014 MTV Video Music Awards: Full List Of Winners, Miley Cyrus ‘Wrecking Ball’ Bags Video Of The Year [PHOTOS]
- Manny Pacquiao Vs. Chris Algieri World Tour Kick Off Press Conference In Macau [PHOTOS]
- Kate Middleton’s Mom Accused Of Being A Social Climber, Prince George Not Seen By Relatives
Join the Conversation
- Worldwide Appetite for Gold Slumps 16% in 2Q 2014 – WGC
- Gold in China: 127-Tonne Gold Reserves Tapped in Xinjiang
- Global Markets Overview – July 15, 2014
- Honduran Gold Mine Caves in; 8 Rescued, 3 Remain Trapped (PHOTOS)
- Chinese Govt Tightens Control on Gold to Curb Imports, Could Drop 400T from 2013 – Report
- Apple on iPhone 6 Release Date One Week After September 9 Despite Display Shortage Starting $800
- James Foley Video Had A Change Of Actor – Expert Points Out
- Canada Concerned About Russia’s Military Expansion in Arctic
- Nokia X2 vs. Nokia Lumia 530 - Specifications, Features And Price Showdown
- Trending: Ice Bucket Challenge Replaced By Rubble Bucket Challenge By People Of Gaza
- US, Syria to Work Together to Vaporise ISIS
- European Central Bank Advises Action to Boost Demand and Employment In EU