Gold Logs First Gain of the Week, Fiscal Cliff Sideshow Continues
By Eric McWhinnie | November 30, 2012 7:29 AM EST
On Thursday, gold (NYSEARCA:GLD) futures for December delivery increased $10.70 to settle at $1,727.20 per ounce, while silver (NYSEARCA:SLV) jumped 66 cents to close at $34.35. It was gold’s first gain of the week.
Both precious climbed higher on modest dollar weakness, as the two political parties in Washington continue to attract headlines over the fiscal cliff. House Speaker John Boehner said, “Based on where we stand today-first, despite the claims that the President supports a balanced approach, the Democrats have yet to get serious about real spending cuts. Secondly, no substantive progress have been made in the talks between the White House and the House [of Representatives] over the last two weeks.”
Don’t Miss: Should Gold Investors Be Worried About Demand?
Meanwhile, Senate Majority Leader Harry Reid shot back with, “We’re still waiting for a serious offer from the Republicans. Now is the time for Republicans to move past this ‘happy talk’ about revenues, and put specifics on the table…We’re not going to kick the can down the road.”
In afternoon trading, the SPDR Gold Trust (NYSEARCA:GLD) gained 0.45 percent, while the iShares Silver Trust (NYSEARCA:SLV) gained 1.45 percent. However, gold miners (NYSEARCA:GDX) such as Barrick Gold (NYSE:ABX) and Goldcorp (NYSE:GG) both traded lower. Endeavour Silver (NYSE:EXK) jumped 4.0 percent, while First Majestic Silver (NYSE:AG) and Silver Wheaton edged about 0.30 percent higher.
Investor Insight: Will the Inflation Grinch Steal Christmas?
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’s Mom Accused Of Being A Social Climber, Prince George Not Seen By Relatives
- Prince Harry & Camilla Thurlow Getting Serious, St. Tropez Holiday Before The Prince’s 30th Birthday [PHOTOS]
- Angelina Jolie & Brad Pitt Heads to Malta For New Movie After A Whirlwind French Wedding [PHOTOS]
- Top 5 Richest Tennis Athletes
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
- Sept 19 iPhone 6 Release Date Firms Up as iWatch Rollout Delayed to Jan 2015 – Reports
- Apple iWatch is iPhone 6 Accessory on Sept 19 Release Date: 6 Confirmed Specs & Features
- Apple iOS 8 vs Android 5.0 L: OS Wars Puts Android to Lower while Apple to Higher
- Canada Vs Russia War Erupts Via Twitter on Russia-Not Russia Maps
- James Foley Torture Involves CIA Waterboarding Technique
- North Korea Banker Who Manages Money of Kim Jong-un Defects to Russia With $5 Million
- Malaysia Airlines to Axe 4,000 Employees, Including CEO; Suspends Trading of Shares