Gold and Silver Grind Upward
Both precious metals edged higher, despite the U.S. dollar index gaining ground. The greenback index, which compares the dollar against six other fiat currencies, climbed to as high as 82.94 today. The eurozone continues to remain in question, and the latest services report in Spain gave investors little positive news.
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For the 11th consecutive month, the purchasing managers’ index for the Spanish services sector fell. The reading came in at 41.8 for May, down from 42.1 in April and well below the 50 level that indicates expansion. May services PMI for the eurozone as a whole came in at 46.7, slightly above the 45.9 forecast.
In afternoon trading, the SPDR Gold Trust (NYSEARCA:GLD) declined .25 percent, while the iShares Silver Trust (NYSEARCA:SLV) gained .67 percent. Gold miners (NYSEARCA:GDX) such as Newmont Mining (NYSE:NEM) and Goldcorp Inc. (NYSE:GG) both increased more than 1 percent. Silver names such as Silver Wheaton Corp. (NYSE:SLW) and First Majestic (NYSE:AG) jumped 2.11 percent and 1.97 percent, respectively.
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Disclosure: Long EXK, AG, HL, PHYS