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
- G20 Summit Awkward Moments: Putin Yawns, Mystery Bubbles Appear, F18 Drama Ensues
- Real Life ‘Frozen’: Snow Overwhelms The US, Kills 7; More To Come (Pictures)
- Angelina Jolie, Brad Pitt in Sydney for ‘Unbroken’ Red Carpet Premiere [PHOTOS]
- ‘The Walking Dead’ Season 5, Episode 8 Spoilers: Daryl Dixon Is Set To Burn The Place Down in ‘Coda’
Join the Conversation
- Walmart Early Price Matching Special Event On Nov. 21, 2014 Matches Its Competitors' Black Friday 2014 Prices And Includes Exclusive Deals For Samsung LED HDTVs And iPad Air 2 [WATCH VIDEO]
- US Plane Flying Over Russian Skies Spotted; Vladimir Putin Ready For 'Practical Cooperation' With US
- 6 Big Reasons iPhone 6 Plus is Must-Have Black Friday, Christmas 2014 Buy
- Nexus 6 Release Date And Price Under AT&T, T-Mobile And Sprint Listed
- NATO To Russia: 'Pull Back Your Troops'
- Alleged 'Microsoft Lumia 1030' Front Panel Leaked With Capacitive Buttons; 'Xbox One' Owners To Get Free Goodies On Anniversary
- Cold War 2: Russia, China And North Korea’s Blacklisted Company Fortify Alliance -- Reports