Gold and Silver Rally As Dollar Struggles
Gold and silver continue to make a steady rebound after a steep pullback in September. The US dollar (NYSE:UUP) continues to fuel the rebound as it falls off its highs. Peter Hillyard, head of metal sales at ANZ said, “This is all dollar driven and I haven’t seen anything else that would tell me otherwise.”
Gold and silver equities were up across the board today. Yamana Gold (NYSE:AUY) increased more than 3.5% in afternoon trading, while Barrick Gold (NYSE:ABX) and AngloGold Ashanti (NYSE:AU) climbed about 2% higher. Silver miners (NYSE:SIL) such as First Majestic (NYSE:AG) rose 1.6% and Endeavour Silver (AMEX:EXK) increased more than 3%.
Despite concerns over China’s copper demand and ongoing strikes, Freeport-McMoRan Copper & Gold (NYSE:FCX) continues to participate in the metals rebound as shares head 3.5% higher. On Friday, a gunmen killed 3 people at PT Freeport Indonesia, a unit of Freeport-McMoRan. The police are investigating the matter, and are unsure if it is related to the strike at the company’s Grasberg mine.
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