Miners Move Up, Gold And Silver Prices Advance, Points To A Better Week Ahead!

Oct. 8, 2011 - PRLog -- Silver Tops; Gold Snaps 4-Week Losing Streak. If the U.S. blue chip stock market were a baseball player, it would’ve turned in a score sheet showing a 3-for-5 showing this week. While the SPDR S&P 500 (SPY) closed down on Monday and Friday, it posted positive returns the rest of the time. The net result: its shares gained 2.3% on the week.

Among widely held ETFs, the best performer was the iShares Silver ETF (SLV). It rose 4.6% in the week. Meanwhile, the SPDR Gold Trust (GLD) finished ahead by 0.7%. That snapped a four-week losing streak. Visit http://silver-dollar-values.com for a lot more silver coins and gold coins tips and ideas.

On Friday, GLD finished down 0.8% while SLV fell 3.1%. “Gold will continue to outperform silver in an environment in which Western world growth is under attack,” Deutsche Bank predicted in a note to clients.

Gold and silver ETFs are getting a bit of a bump from a better-than-expected U.S. payrolls report Friday and mixed signals from leaders in Europe fighting contagion in euro zone debt issues. Along with a weaker dollar, the confluence of events is pointing to a positive week for both precious metals.

The SPDR Gold Trust (GLD), which gained 0.7% yesterday and was trading up by 0.1% before the jobs news, opened ahead by 0.4%. If it can keep hold those gains through today’s close, the ETF’s headed for a nearly 2% rise for the week.

The iShares Silver Trust (SLV), up 5.2% on Thursday and slipping by 0.3% ahead of the government report, has reversed course. It was up 0.5% at the opening of regular trading on Friday. At that pace, SLV’s pointing to closing this week with a better-than 8% gain.

The widely anticipated U.S. employment report by the Labor Department showed that non-farm payroll rose 103,000 while the unemployment rate held steady at 9.1%. Visit http://silver-dollar-values.net for a lot more silver coins and gold coins tips and ideas.

Part of September’s relative strength reflected the return of 45,000 Verizon (VZ) workers who had dropped off payrolls in August due to a strike. Excluding those workers, payrolls increased by 58,000 — closer to consensus prior to today’s release.

Also, Moody’s downgraded a dozen U.K. financial institutions. Leaders in Germany and France were also reportedly split ahead of summit talks on Sunday over ways to mend European banks and limit financial market contagion.

The Market Vectors Gold Miners ETF (GDX), which was slightly down before the jobs data, opened up 0.6%. Its small-cap minded cousin, the Junior Gold Miners (GDXJ), which was slightly ahead before the report, was at last check up by 1.6%.

The PowerShares U.S. Dollar Index (UUP), which slid 0.6% yesterday, opened down on Friday by 0.3%.

Gold for December delivery was trading up Friday by $1.50 to $1,654.70 an ounce on the Comex. December silver was ahead by 21 cents at $32.21 an ounce. Visit http://www.silver-dollar-values.com for a lot more silver coins and gold coins tips and ideas.

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