Gold and Silver Complete Friday’s Trading Session Mixed
Both precious metals traded mostly flat going into the weekend. Many investors are keeping a close eye on the eurozone and expectations of a Spain bailout is building. An upcoming report by the International Monetary Fund is expected to show that the country needs a cash injection of at least 40 billion euros ($50 billion). The amount needed to aid Spain’s entire banking sector could reach 90 billion euros.
“The capital shortfall for the Spanish banks will be around 40 billion euros after taking into account the capacity from some of the entities to cover expected losses with their own resources,” sources told Reuters. The euro edged lower, while the U.S. dollar traded higher.
In afternoon trading, the SPDR Gold Trust (NYSEARCA:GLD) increased .05 percent, while the iShares Silver Trust (NYSEARCA:SLV) declined .33 percent. Gold miners (NYSEARCA:GDX) such as Barrick Gold (NYSE:ABX) and Yamana Gold (NYSE:AUY) both gained roughly 1 percent. Silver miners (NYSEARCA:SIL) such as Endeavour Silver (NYSE:EXK) and Coeur d’Alene Mines Corp. (NYSE:CDE) jumped 1.58 percent and .43 percent, respectively.
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Disclosure: Long EXK, AG, HL, PHYS