Gold Gains As Investors Wait for Fed Signals

Jan 14, 2013, 5:02 pm EST  |  By Christopher Freeburn, InvestorPlace Writer

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Gold advanced modestly in Monday trading as investors awaited new hints from Federal Reserve officials regarding the strength and duration of economic stimulus efforts for the rest of the year.

Gold futures for February delivery climbed 0.5% to $1,669.40 on Monday, according to CME Group. Gold traded as high as $1,674.80 and as low as $1,659.50. Gold bullion closed in London at $1,670, according to BullionVault.

Silver futures for February delivery gained 2.3% to $31.08 per ounce. Monday’s high for silver was $31.12, while the low was $30.58.

Gold and silver funds advanced slightly in Monday trading.

  • The SPDR Gold Trust (NYSE:GLD) rose 0.3%.
  • The iShares Gold Trust (NYSE:IAU) also increased 0.3%.
  • The iShares Silver Trust (NYSE:SLV) climbed 1.9%.

Gold and silver mining ETFs mostly rose during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) fell 0.4%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) gained 0.3%.
  • The Global X Silver Miners ETF (NYSE:SIL) fell 0.5%.

Gold mining shares were mostly down, with Goldcorp(NYSE:GG) bucking the trend.

  • Agnico-Eagle Mines (NYSE:AEM) fell 0.3%.
  • Barrick Gold (NYSE:ABX) slipped 0.2%.
  • Eldorado Gold (NYSE:EGO) edged down 0.2%.
  • Goldcorp gained 0.4%.
  • Kinross Gold (NYSE:KGC) was flat.
  • Newmont Mining (NYSE:NEM) slid 1%.
  • NovaGold Resources (AMEX:NG) also dipped 1%.
  • Yamana Gold (NYSE:AUY) fell 0.7%.

Silver mining shares mostly moved higher on Monday.

  • Coeur d’Alene Mines (NYSE:CDE) climbed 0.6%.
  • Hecla Mining (NYSE:HL) advanced 0.5%.
  • Pan American Silver (NASDAQ:PAAS) gained 2%.
  • Silver Wheaton (NYSE:SLW) rose 0.1%
  • Silver Standard Resources (NASDAQ:SSRI) dipped 0.3%.

http://www.MissionMining.com 

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About Mission Mining

US Gold and Silver Mining - Our Nevada & California mining properties are anticipated to hold extremely large precious metals resources. The Company has posted over $400 Million in Assets in its OTC Filings. Come join us!
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