Gold and Silver Continue to Rally
On Thursday, gold (NYSEARCA:GLD) futures for April delivery climbed $9.80 higher to settle at $1,759.30 per ounce, while silver (NYSEARCA:SLV) futures jumped 37 cents to close at $34.18. It was the highest close for the precious metals since mid-November.
During a three-day visit to Beijing this week, German Chancellor Angela Merkel will ask China to use its influence to persuade Iran to give up its nuclear weapons, while also seeking China’s support for the ailing euro.
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Although Chinese Premier Wen Jiabao appeared to reject pressure to do more on Iran, China is considering greater involvement in the stability funds that have been set up to help pull Europe out of its debt crisis. China is looking into how it can help, Wen said at a briefing with Merkel. He said solving the debt crisis is “urgent,” and called for greater international cooperation. “China is also considering more participation” in those efforts via the European Financial Stability Facility and the European Stabilization Mechanism, he said.
As nations appear willing to continue global money printing, precious metals (NYSEARCA:DBP) climbed higher. In afternoon trading, the SPDR Gold Trust (NYSEARCA:GLD) gained .60 percent, while the iShares Silver Trust (NYSEARCA:SLV) jumped 1.5 percent. Gold miners (NYSEARCA:GDX) such as AngloGold (NYSE:AU) and Barrick Gold (NYSE:ABX) both gained more than 1 percent. Meanwhile, silver miners (NYSEARCA:SIL) Endeavour Silver (NYSE:EXK) and Silvercorp Metals (NYSE:SVM) gained about .90 percent.
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