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Gold, Silver Shares, Metals All Extend Weekly Win Streaks

Saturday, September 22, 2012 2:21
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All Extend Weekly Win Streaks

Precious metals ended Friday on a largely positive note as the sector continued to rally this week.  Gold and silver were buoyed by expectations of further monetary easing by central banks across the globe – the latest being the Bank of Japan, which earlier this week unexpectedly announced an expansion of its quantitative easing program.

COMEX gold futures for December delivery settled up by $7.80, or 0.4%, at $1,778.00 per ounce.  The yellow metal climbed to as high as $1,790.00 this morning, but pared its gains alongside the broader commodities complex.  Nonetheless, gold futures posted a weekly gain of 0.3% and extended their weekly winning streak to five.

Silver futures rose to $35.26 per ounce earlier in the day, but settled near unchanged at $34.67 per ounce.  In doing so, silver posted a weekly gain of less than 0.1%, but still managed to also stretch its set of weekly advances to five.

As for gold and silver equities, the sector gave back a portion of its daily gain in concert with the metals this afternoon.  However, the Philadelphia Gold & Silver Index (XAU) remained up by 1.1% at 195.56 in late day trading, putting it on pace for a weekly gain of 1.9% for its seventh consecutive week of higher prices.

(for more information on gold and silver stocks, including rankings and analysis of over 90 companies in the sector, visit GoldAlert Pro at http://pro.goldalert.com )

Among gold miners, two of the better performers on Friday were IAMGOLD (IAG) and Yamana Gold (AUY), as IAG added 2.0% to $16.38 per share and AUY rose by 1.2% to $19.38 per share.

Pan American Silver (PAAS) and Silver Standard Resources (SSRI), two widely-traded silver producers, advanced by 3.1% to $22.50 per share and by 3.2% to $16.85 per share in afternoon trading.



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