Gold and Silver Rally As Dollar Struggles

On Friday, gold (NYSE:GLD) futures for December delivery climbed $14.50 to settle at $1,683 per ounce, while silver (NYSE:SLV) futures jumped 50 cents to settle at $32.17.

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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