On Wednesday, gold (NYSE:GLD) futures for December delivery jumped $23.10 to settle at $1,723.50 per ounce, while silver (NYSE:SLV) futures gained 26 cents to settle at $33.31. It marked the fourth consecutive day of gains for the two precious metals.
Investing Insights: Are Gold & Silver Investing Safe-Havens Again?
The euro soap opera decided to toss in some action this week. Discussions over economic reform actually came to blows between two Italian deputies during parliament today. Members of the ruling right-center party, Northern League, fought with members of the opposing FLI (Future and Freedom for Italy) party over sarcastic comments aired on television regarding the Northern League leader’s wife. The US dollar (NYSE:UUP) received a boost against the euro, but dropped to a record low against the Japanese yen.
In afternoon trading, gold miners (AMEX:GDX) Barrick Gold (NYSE:ABX) and AngloGold Ashanti (NYSE:AU) climbed 1.5% and 1% higher, respectively. Shares of Yamana Gold (NYSE:AUY) did not participate in today’s rally as shares fell more than 3%.
Silver miners (NYSE:SIL) First Majestic (NYSE:AG) and Fortuna Silver Mines (NYSE:FSM) both gained nearly 2% before the close. Yesterday, First Majestic announced it would probably fall short of producing 8 million ounces of silver equivalent in 2011, but investors do not appeared to be worried, as shares continue to rise. Analysts maintain an average price target of about $24.