Gold and silver shares climbed alongside precious metals and the broader equity markets on Tuesday, with the Philadelphia Gold & Silver Index (XAU) rising 5.53 points to 195.95 in mid-day trading.
The rally in gold and silver equities came as the U.S. Dollar Index (DXY) slid 0.6% to 75.045. The weaker dollar helped push gold bullion modestly higher, by $3.36 to $1,544.07, and silver up $0.24 to $36.30 per ounce.
The XAU’s 2.9% gain marked its best single-day performance since a 4.4% surge on April 5.
Despite today’s strength, however, the XAU remains lower by 6.1% in June and by 13.5% year-to-date – which speaks to the tremendous level of selling the sector has experienced in recent months.
Notable gold companies moving higher included Agnico-Eagle Mines and Freeport-McMoRan Copper & Gold (FCX), which jumped 4.9% and 3.7%, respectively.
Among silver shares, Silver Standard Resources (SSRI) added 4.7% and Silver Wheaton (SLW) advanced 4.2%.
The broad-based rally was fueled by speculation that a confidence vote on the Greek government will help the debt-ravaged nation avoid default. If the vote passes, as expected, it is likely to reassure investors that Greece will pass through budget cuts necessary to receive the next portion of bailout funds.
West kirkland makes key hire, launches nevada drilling
West Kirkland Mining (WKM.TSXV) announced the appointment of Kent Samuelson to its technical team as Manager, Nevada & Utah. Mr. Samuelson is a Professional Geologist with more than 25 years of exploration and development experience throughout the western United States. The company also announced the start of drilling on the KB Property in Nevada. Major Drilling America, Inc. has mobilized a reverse circulation rig to the property and is drilling targets generated by soil and rock sampling. Full West Kirkland Mining Press Release.
