Gold Climbs on Fed Stimulus Confidence

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Gold and silver rose, miners followed

Jan 29, 2013, 4:38 pm EST  |  By Christopher Freeburn, InvestorPlace Writer

Gold moved higher in Tuesday trading, snapping four straight sessions of declines, as speculation grew that the Federal Open Market Committee meeting would lead to a renewed commitment to stimulus efforts to boost the U.S. economy.

Gold futures for March delivery gained almost 0.5% to $1,661.70 on Tuesday, according to CME Group. Gold traded as high as $1665.80 and as low as $1654.60. Gold bullion closed in London at $1,666, according to BullionVault.

Silver futures for March delivery rose 1.3% to $31.18 per ounce. Tuesday’s high for silver was $31.47 an ounce, while the low was $30.85.

Gold and silver funds advanced in Tuesday trading.

  • The SPDR Gold Trust (NYSE:GLD) rose 0.4%.
  • The iShares Gold Trust (NYSE:IAU) climbed 0.5%.
  • The iShares Silver Trust (NYSE:SLV) rose 1.6%.

Gold and silver mining ETFs moved higher during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) gained 1.9%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) soared 2.3%.
  • The Global X Silver Miners ETF (NYSE:SIL) also rose 2.2%.

Gold mining shares moved higher, with Eldorado Gold(NYSE:EGO) bucking the trend and falling.

  • Agnico-Eagle Mines (NYSE:AEM) increased 0.9%.
  • Barrick Gold (NYSE:ABX) rose 0.9%.
  • Eldorado Gold sank 0.4%.
  • Goldcorp (NYSE:GG) advanced 2.3%.
  • Kinross Gold (NYSE:KGC) gained 1.9%.
  • Newmont Mining (NYSE:NEM) moved up 1.3%.
  • NovaGold Resources (AMEX:NG) climbed 1.4%.
  • Yamana Gold (NYSE:AUY) surged 3.4%.

Silver mining shares increased on Tuesday.

  • Coeur d’Alene Mines (NYSE:CDE) advanced 1.2%.
  • Hecla Mining (NYSE:HL) soared 3.1%.
  • Pan American Silver (NASDAQ:PAAS) gained 2.7%.
  • Silver Wheaton (NYSE:SLW) rose 1.8%.
  • Silver Standard Resources (NASDAQ:SSRI) climbed 1.4%.

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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