Gold, silver shares jump, but XAU eyes worst week in 12

Precious metals shares rallied Friday, with the Philadelphia Gold & Silver Index (XAU) jumping 1.1% to 182.50 in early afternoon trading.  Gold and silver stocks were bolstered by a rebound in the metals themselves, as COMEX gold futures climbed 1.0% to $1,592.80 per ounce and silver rose 0.7% to $29.47 per ounce.

Among gold producers, Buenaventura (BVN) and Randgold Resources (GOLD) were the XAU’s top performers, with gains of 1.9% and 2.4%, respectively.  Silver Standard Resources (SSRI) was the largest gainer among silver companies in the XAU, as it surged 4.1% to $13.33 per share.

Despite Friday’s rally, however, the XAU remains lower by 9.0% this week and is on pace for its worst such stretch since September 19-23, 12 weeks ago.  On a year-to-date basis, the XAU’s performance is even worse, as it has tumbled 19.5%. This compares quite unfavorably to precious metals, as gold remains higher by 12.9% in 2011 and silver is lower by just 4.8% this year. – Gold Alert

Tags: Gold analysis, Gold future prices, Gold futures, Gold investment, Gold news, Gold price, gold price forecast, Gold prices, gold shares, gold stock, gold stocks, price of gold, Spot gold, Spot gold price

Posted by admin on Dec 18 2011. Filed under Gold stocks. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry